The dollar was under pressure in Asia on Monday and was headed for its first monthly drop in five months as investors have scaled back bets that rising U.S. rates will spur further gains and as fears of a global recession have receded a little.
The week ahead is full of data that could provide clues on the outlook for global growth, U.S. interest rates and the dollar with Chinese Purchasing Managers' Index figures, U.S. jobs numbers and growth data in resource bellwether Australia.
The risk-sensitive Australian and New Zealand dollars extended a Friday rally to touch three-week highs, while the yen was steady at 126.98 per dollar."The U.S. dollar can fall further this week. Were it not for China's lockdown, the global outlook would be brighter, and the dollar lower," said Joe Capurso, head of international economics at the Commonwealth Bank of Australia in Sydney.
The dollar index , which hit a two-decade high of 105.010 earlier in May dipped about 0.2% to 101.430 on Monday. Sterling held last week's gains at $1.2649. "The Fed has stopped short of validating calls for even more tightening, leading to a plateau in forward expectations," said NatWest Markets' global head of desk strategy, John Briggs.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Inflation Is Killing Us,' Manufacturers Tell Kansas City FedManufacturing activity in central U.S. slowed in May compared with the previous month, data from a survey by the Federal Reserve Bank of Kansas City showed.
Read more »
How Dollar General Is Spreading Like Hot Gossip In Tiny Towns Across The CountryThe discount chain is opening three new bricks-and-mortar stores every day, betting that customers will respond to lower prices in places overlooked by other retailers.
Read more »
Recession or Prolonged Inflation: The Fed Must Decide Between Two Policy Mistakes, Says Economist – Economics Bitcoin NewsAllianz Chief Economic Advisor Mohamed El-Erian says the Federal Reserve must “decide between two policy mistakes.” One risks a recession.
Read more »
Saunders: Questions arise as Rockies slide toward irrelevanceAs baseball’s Memorial Day milepost nears, the Rockies are quickly sliding toward irrelevance, at least in the standings and in regard to making the postseason.
Read more »
Shanghai takes further steps towards reopening, Beijing eases COVID curbsShanghai announced on Sunday further steps towards returning to more normal life and lifting a two-month COVID-19 lockdown this week, while Beijing reopened parts of its public transport, some malls, gyms and other venues as infections stabilised.
Read more »
NZD/USD sticks to gains above mid-0.7000s, bulls eyeing monthly peak amid weaker USDThe NZD/USD pair kicked off the new week on a positive note and built on its recent strong recovery move from the YTD low, around the 0.6215 region to
Read more »