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US dollar sank before the release of major economic figures

By Rana Gharib
22 Jan,2024
US dollar sank before the release of major economic figures

The greenback declined on Monday, by the beginning of the week that encompasses anticipated US growth and inflation figures and the central bank meetings that mark the first since the kick off 2024.

The dollar index that gauges the greenback versus its major pairs dropped 0.1% at 102.984, plunging from the recently touched one-month highs.

EUR/USD steadied at 1.0896, as eyes diverted to the upcoming ECB Policy meeting on Thursday. The bank is expected to maintain rates after halting rate hikes since last October.

GBP/USD muted at 1.2700, as pound continued to be buoyed even with Friday's lacklustre retail sales report.

December saw an unexpected acceleration of U.K. inflation, figures from last week's publication suggested that the central bank will drop interest rates more gradually than its competitors.

USD/JPY edged lower to 148.12, with traders anticipating the outcome of BOJ meeting, the central bank is widely projected to stick to its stance with negative interest rate hike.

 

 

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