By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Markets > Forex > Dollar edges higher ahead of U.S. inflation data; sterling firms
Forex

Dollar edges higher ahead of U.S. inflation data; sterling firms

News Room
Last updated: 2023/05/09 at 4:01 AM
By News Room
Share
3 Min Read
SHARE

Investing.com – The U.S. dollar edged higher in early European trade Tuesday, while sterling retained strength ahead of this week’s Bank of England policy-setting meeting.

At 02:55 ET (06:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 101.183, but remains not far from recent lows.

The greenback has inched higher after Friday’s stronger-than-expected release indicated that the U.S. labor market remained resilient in April.

Trading ranges are tight though, as traders await Wednesday’s April data, with economists expecting the widely-watched , which excludes volatile food and fuel prices, to increase by 5.5% on a year-over-year basis, a slight drop from the 5.6% increase a month earlier. 

The delivered its tenth straight interest rate increase last week, as widely expected. It also indicated that it may pause its tightening campaign in June, although the policymakers were at pains to point out that such a move was dependent on the incoming economic data.

“Looking at the bigger picture, however, it seems clear that tighter U.S. credit conditions will only exacerbate the 2023 U.S. slowdown and disinflation process and we suspect there will be plenty of dollar sellers should we see any surprise 1%-2% rally in the dollar over the next couple of weeks,” said analysts at ING, in a note.

Elsewhere, traded 0.1% higher at 1.2633, just below the previous session’s one-year peak of 1.2668, ahead of Thursday’s central bank policy meeting.

The looks set to raise interest rates by another 25 basis points to 4.5%, as it combats still running at double figures, the highest of any big advanced economy.

fell 0.1% to 1.0999, still close to the highs of the year despite the slowing the pace of its interest rate increases last week.

Eurozone will slow sharply this year, ECB chief economist Philip Lane said on Monday, but price growth momentum remains high for now, including for underlying goods and services.

“In addition to what should clearly be supportive interest rate trends for EUR/USD this year should be much lower energy prices which have delivered a vast improvement in the euro’s terms of trade,” ING added.

fell 0.2% to 134.77, with the yen marginally helped by comments from Bank of Japan Governor Kazuo Ueda, who indicated the central bank will end its dovish yield curve control policy once inflation threatens to sustainably hit its 2% target.

fell 0.2% to 0.6771, while rose 0.2% to 6.9241 after data showed China’s fell more than expected in April and grew at a slower pace from the prior month, pointing to a fragile recovery in the second-largest economy in the world.

Read the full article here

News Room May 9, 2023 May 9, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Donald Trump’s ‘big, beautiful bill’ provides windfall for US immigration crackdown

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

How much money does Ukraine need?

How much money does Ukraine need? I ask the question because the…

Donald Trump and Volodymyr Zelenskyy to discuss pause to US weapons deliveries in call

Donald Trump and Volodymyr Zelenskyy will discuss the abrupt halt in some…

Signs of a pick-up in venture capital exits are finally emerging

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Boeing: Portfolio manager talks 737 Max, headwinds, and future

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Forex

Thailand’s weakening baht not all bad for economy – PM

By News Room
Forex

Sterling hits multi-month low, Fed holds rates steady amid inflation concerns

By News Room
Forex

Dollar index on verge of forming bullish ‘golden cross’ – BofA

By News Room
Forex

Japan warns against post-Fed yen slide

By News Room
Forex

Asian currencies stumble amid rising U.S. dollar and hawkish Federal Reserve stance

By News Room
Forex

Asian currencies under pressure due to Federal Reserve’s stance, says HSBC

By News Room
Forex

Dollar rallies, yen under pressure ahead of BOJ rate decision

By News Room
Forex

Gambia’s dalasi remains Africa’s strongest currency amid tourism and remittance inflows

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?