The U.S. dollar neared its lowest in seven months against other major currencies, after data last week suggested the Federal Reserve could slow the pace of its rate hikes, while China re-opening its borders boosted riskier currencies. | Reuters
Friday’s monthly employment report showed an increase in the number of workers on non-farm payrolls, and a slowing in wage growth – welcome news for the U.S. central bank.
“If it were another 5 percentage points lower, then that would be obviously deep recession territory, which, historically, has generally been associated with a stronger dollar against everything other than the yen and the Swiss franc,” he said. Fed fund futures now show investors believe the most likely outcome for the Fed’s February meeting is for a 25-basis point increase.The dollar index, which measures the U.S. dollar against six major currencies, was last down 0.1 percent at 103.62, having fallen 1.15 percent on Friday as investors shifted into riskier assets.
Sterling was on the charge again on Monday, rising 0.55 percent to $1.2159, after having spiked by 1.5 percent on Friday. The euro rose 0.28 percent to $1.0674, building on a 1.17 percent rally on Friday. The Japanese yen was the outlier among the major currencies, easing 0.2 percent to 132.33 per dollar.
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