The supermarket dollar rose against the major currencies on Tuesday as traders They expected new inflation data to provide a clearer picture of the economic outlook and the possible path of rate hikes from the Federal Reserve. Faced with a basket of currencies, The dollar index rose 0.2% to 101.63, after reaching highs in nearly a week.
The publication this Wednesday of the inflation data in the United States, closely watched, will likely set the tone for the markets, after last week’s employment data came in better than expected.
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Any monetary policy tightening by the Federal Reserve will have to be weighed against a backdrop of recent turmoil in the US banking sector and a political stalemate in Washington over lifting the country’s debt ceiling and avoiding a default, analysts said. .
The Federal Reserve’s quarterly survey of bank loan officers, released on Monday, showed that credit conditions for US businesses and households continued to tighten at the start of the year, most likely due to interest rate hikes.
The euro was down 0.39% at $1.0962. Sterling was mostly flat at $1.2620, ahead of the central bank’s policy meeting on Thursday.
The Bank of England seems set to raise interest rates to 4.5% as it tries to fight the highest inflation in Western Europe.
Source: Ambito
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