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The greenback steadedgearing towards its first monthly gain from September

28 Feb,2023
The greenback steadedgearing towards its first monthly gain from September

After a round of mostly negative economic data on Tuesday, the dollar traded in choppy trading ranged between mute and a bit lower versus its major pairs. Despite this, the dollar was still expected to post its first monthly gain since September as investors bet that interest rates will stay high for some time.

The overall strength of the dollar this month gained steam in recent weeks as optimistic economic statistics raised anticipation that the Federal Reserve would need to hike interest rates faster than originally anticipated.

The dollar index, which gauges the value of the dollar to a basket of other currencies, remained unchanged at 104.63 but was still expected to rise 2.4% in February, marking the first monthly gain since September.

EUR/USD barely changed at $1.0614. the euro somewhat recovered earlier losses in response to higher-than-anticipated French inflation figures.

GBP/USD advanced by 0.5 to $1.2112 adding to its gains from the earlier session.

USD/JPY reach 136.91 yen, which is a record high for more than two months., it was unchanged from the earlier 136.28 yen.

 

 

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