SINGAPORE : The dollar began the month on a strong footing as a higher-for-longer U.S. rates scenario took centre stage, while the Aussie slid after a raft of economic data pointed to a slowing economy and signs that inflation might be past its peak.Australia's economy grew at the weakest pace in a year l
SINGAPORE : The dollar began the month on a strong footing as a higher-for-longer U.S. rates scenario took centre stage, while the Aussie slid after a raft of economic data pointed to a slowing economy and signs that inflation might be past its peak.
"I think market participants will pay a close look to the January CPI indicator in order to gauge the near-term outlook for policy," said Carol Kong, a currency strategist at Commonwealth Bank of Australia . "While still-high U.S. inflation augurs more Fed tightening, euro area inflation is higher and stickier in 2023, and the ECB has more tightening to do than the Fed," said Thierry Wizman, Macquarie's global FX and rates strategist.
Against a basket of currencies, the U.S. dollar index was 0.09 per cent higher at 105.07, having risen nearly 3 per cent in February, its first monthly gain since last September.
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