On Monday, the euro touched its lowest level against the dollar since January 6, at $1,053, as the US currency gained ground. It subsequently reversed trend and rose 0.1% to $1,055.
The dollar index, which measures the greenback’s performance against a basket of six currencies, was down less than 0.1% at 105.11, after hitting a seven-week high of 105.36.
The index is up 3% in February and is about to break a four-month losing streak. Higher interest rate expectations tend to boost a currency by making the country’s fixed income investments look more attractive.
Data on Friday showed core US personal consumption spending inflation, which strips out the volatile costs of food and energy, stood at 4.7% year-on-year in January, up from 4.6% in January. December. In the euro area, core consumer price inflation reached a record 5.3% year-on-year in January.
The dollar was steady against the Japanese currency at 136.3 yen, reversing some of its gains after rising to a more than two-month high of 136.58 yen early in the session. The pound was also stable at $1.1946, after falling for three consecutive sessions.
Source: Ambito
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