SINGAPORE : The dollar stood near a two-month high against its major peers on Friday and was headed for a third weekly gain on expectations that U.S. interest rates could remain higher for longer than initially expected.Jitters over debt ceiling negotiations between U.S. President Joe Biden and top congre
SINGAPORE : The dollar stood near a two-month high against its major peers on Friday and was headed for a third weekly gain on expectations that U.S. interest rates could remain higher for longer than initially expected.
The U.S. dollar index edged 0.05 per cent lower to 104.18, jut off of Thursday's two-month high of 104.31. Money markets are now pricing in a roughly 52 per cent chance that the Federal Reserve will deliver another 25-basis-point rate hike at its policy meeting next month, as compared to a 36 per cent chance a week ago, according to the CME FedWatch tool.Data released on Thursday showed that the number of Americans filing new claims for unemployment benefits increased moderately last week to 229,000, lower than expectations.
The single currency was also weighed down by confirmation that Europe's largest economy Germany entered a recession in early 2023.The U.S. dollar has also drawn some support from lingering nerves over the debt ceiling negotiations.
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