Forex Today

Dollar Up Despite Concerns Over Economic Recession By

    Share on Facebook Share on Twitter

    © Reuters

    By Zhang Mengying – The dollar was up on Tuesday morning in Asia despite worries about economic recession. Investors await a speech from the European Central Bank (ECB) President Christine Lagarde.

    The that tracks the greenback against a basket of other currencies inched up 0.02% to 103.96 by 11:21 PM ET (3:21 AM GMT).

    The pair edged down 0.13% to 135.26.

    The pair inched down 0.04% to 0.6920, and the pair edged down 0.12% to 0.6292.

    The pair inched up 0.09% to 6.6978, while pair inched up 0.07% to 1.2272.

    Governor of the People’s Bank of China Yi Gang said the central bank will keep its policy supportive for China’s economy.

    Investors are keeping an eye on signs of weakness in recent economic data, which would possibly moderate interest rate hikes. But they are also concerned that it could be a sign of the onset of a difficult period of stagflation.

    “Stay long the dollar until some of the uncertainty has reduced,” Societe Generale) strategist Kit Juckes told Reuters.

    “The dollar will fall likely only when the global economy is on a more sustainable growth path … markets are forward-looking, but all we can see ahead today is danger.”

    Across the Atlantic, German inflation figures are due on Wednesday, and French data is due on Thursday.

    “This set of inflation data will have a significant influence on the ‘s monetary policy forward guidance, especially on the trajectory … of its interest rate hike cycle that is expected to kick start in July,” CMC analyst Kelvin Wong told Reuters.

    The ECB President Christine Lagarde, U.S. Federal Reserve Chair Jerome Powell, the Bank of England Governor Andrew Bailey, and Cleveland Fed President Loretta Mester are due to speak at the ECB forum in Sintra, Portugal this Wednesday.

    The Group of Seven (G7) leaders are about to discuss the means to tackle rising energy prices. They are examining a new package of actions aimed at increasing pressure on Russia over its war in Ukraine.

    Originally Published Here -Source link

    0 0 votes
    Article Rating

    Chart Of The Day: How To Trade The U.S. Dollar In Today’s Contradictory Market

    Previous article

    Crypto community confused as Celsius continues with weekly rewards

    Next article

    You may also like

    More in Forex Today

    Notify of
    Inline Feedbacks
    View all comments