Dollar stabilizes near recent highs; sterling gains on strong PMI data
Investing.com - The U.S. dollar stabilized near its recent over four-month high in European trade Tuesday as strong economic data hit expectations of early rate cuts by the Federal Reserve.
Further signs of U.S. economic strength has resulted in traders reining in expectations of early interest rate cuts by the Federal Reserve, supporting the dollar. “Markets expect a slightly lower JOLTS job opening figure today,” ING added, “we see this data as a potential market mover which, if soft, could reverse some of the dollar gains seen late last week.”fell 0.1% to 1.0738, dropping after eurozone manufacturing activity took a further turn for the worse in March, contracting at a steeper pace than in February., compiled by S&P Global, dipped to 46.1 in March from February's 46.5, beating a preliminary estimate of 45.
Finance Minister Shunichi Suzuki reiterated earlier Tuesday that he wouldn't rule out any options to respond to disorderly currency moves.
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