HomeEconomyDollar on the defensive as investors remain cautious ahead of inflation data Economy Dollar on the defensive as investors remain cautious ahead of inflation data By hossam a February 10, 2023 0 100 views Share FacebookTwitterPinterestWhatsApp DX +0.% Add to/from Watchlist Delete from Add to Watchlist Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 10 Author: Ankur Banerjee SINGAPORE (Reuters) – The U.S. dollar was on the back foot on Friday after slipping overnight, as investors remained cautious ahead of next week’s U.S. inflation data, with concerns over a slowing economy and the pace of Fed rate hikes denting sentiment. this400 US dollar index measures the exchange rate of the US dollar against the six major currencies 11. , has dropped to as low as 12. at the previous session. The index was set to end the week with a slight gain, its second straight weekly gain and a gain not seen since October. Data on Thursday showed U.S. initial jobless claims rose more than expected last week, but remained at levels consistent with a tight labor market . Euro fell 0.% to $1. 50 ., while the pound was last traded at $1.63, off 0. % God. The yen has depreciated by 0. % arrive11. per dollar . The Japanese government plans to submit a new nominee for the governor of the Bank of Japan and two nominees for deputy governors to parliament in February , Reuters reported on Thursday. In the absence of key data and a Fed speaker, FX markets are likely to trade sideways on Friday, putting the focus on Inflation data released this week. “The overall picture is that the Fed is calibrating its policy…but caution is warranted in the near term given recent Fed speeches and the likely bumpy deflationary trend “ Last week, the Federal Reserve raised interest rates basis points, and said it was seeing signs of deflation, But a blockbuster jobs report rattled investors amid fears policymakers could remain hawkish for longer. Federal Reserve Chairman Jerome Powell reiterated his belief that deflation is underway in speeches this week. With inflation data due next week, the focus has been on tirades from other Fed speakers, with Richmond Fed President Thomas Barkin joining policy rhetoric. Barkin said on Thursday that tightening monetary policy had “clearly” slowed the U.S. economy, allowing the Fed to further accelerate growth “with greater caution.” interest. OCBC’s Wong says there are two sets of inflation reports between now and the next Fed meeting, noting the central bank has emphasized that it will be more data-dependent . “If you do see American currency Should the tightening trend show any sign of slowing down, even if it is temporary, then risk sentiment could come under pressure and the dollar could find further support.” However, Wong warned that if the disinflationary trend proves to be entrenched, the dollar could resume weakness. 400 Share FacebookTwitterPinterestWhatsApp Previous articleEllen Barkin on Her Drama 'Poker Face' Acting and 'Fucking Funny' EpisodesNext articleFatal Frame: Mask of the Lunar Eclipse game's second video highlight story hossam a RELATED ARTICLES Economy ECB's Visco says lower energy prices should help curb inflation June 4, 2023 Economy Biden signs debt limit bill, averts U.S. default June 3, 2023 Economy Türkiye's Erdogan sworn in as new president June 3, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. USA Trends Messi-mad Indian mom driving to Qatar to see hero in his final World Cup December 7, 2022 Drew Brees fakes lightning strike in promotional stunt for online sportsbook December 3, 2022 Who could be speaker, if not Kevin McCarthy December 3, 2022 3 bold Utah football predictions for Pac-12 Championship vs. USC December 3, 2022 Load more LAST NEWS Writers Guild member talks candidly about what makes this writer different from previous ones: 'We're crazy' June 4, 2023 Judge breaks fence to make film for Hollywood June 4, 2023 Oscar Isaac would love that Pedro Pascal joins 'Spider-Verse' as a 'grumpy, old Spider-Man' June 4, 2023 Weekly Poll Results: Sony Xperia 1 V Popular but Expensive, Xperia 10 V Unconvincing June 4, 2023 Load more Featured NEWS Last night's Met Gala party circuit kicked off at Maison Karl Lagerfeld Soiree May 2, 2023 Lakers celebrate Darwinham's first win, Craig reacts to carton show October 31, 2022 Best Street Shots From Phil Oh's Spring 2023 New York Fashion Week Show September 10, 2022 Netflix keeps us in the dark in Sandman season 2 August 22, 2022 Load more
