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Monday, March 27, 2023

The super dollar rises while the euro falls due to inflation data

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Nevertheless, market reaction was subdued after the euro rise 0.9% against the dollar on Wednesday, its biggest daily advance in a month, lAfter prices in Germany rose more than expected in February.

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Higher-than-expected German inflation for February followed unexpectedly strong readings in France and Spain, which reinforces the idea that the European Central Bank keep raising interest rates.

The president of the entity, Christine Lagarde, reaffirmed this Thursday that they will apply new increases at the next meeting of the organization.

“lInflation was clearly worse than expectedbut perhaps not as bad as feared, since expectations had changed after the national data of the last few days,” said Ben Laidler, from Etoro in London. “I think the base case is for the ECB to maintain a 50 basis point rate of hikes, which would still be quite aggressive.”

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He euro subtracts 0.7% against the dollarat $1.0618.

The pound sterling was slowed down by the declarations of the governor of the Bank of England, Andrew Baileywho stated that “nothing decided” on future rate hikescausing traders to cut bets at higher rates. The pound loses 0.46%at $1.1970.

He dollar index, that compares the green bill with a basket of six outstanding currencies, gains 0.6%, to 104,998 units, driven by the Rising US Treasury Yield and after one of the authorities of the Federal ReserveNeel Kashkari, will leave the door open to a rate increase of 50 basis points at the next meeting of the entity in March.

He and in down 0.3%at 136.65 per dollar, as the Australian and New Zealand dollars and yuan eased after strong gains on Wednesday boosted by Chinese manufacturing data that showed factory activity in February grew at its fastest pace in one of each.

Investors are awaiting the meeting of the National People’s Congress of China, which begins on Sunday, seeking guidance on policies to support post-crisis recovery.

Source: Ambito

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