The dollar slipped on Tuesday after better-than-forecast growth data from China, while upbeat pay data from Britain supported the pound.
showed on Tuesday
"Normally on a day when you have good Chinese activity data you get a decent rally in commodity currencies, emerging market currencies and the dollar would soften and we are starting to see that," said Chris Turner, global head of markets at ING. The dollar index , which measures the currency against a basket of currencies, fell 0.3% to 101.76, having risen over 1% in the last two trading sessions.Britain's pound jumped despite an unexpected rise in the unemployment rate in the three months to February as"Sterling has enjoyed a modest lift from today's data," ING's Turner said.
Markets are pricing in around a 90% chance of the Fed raising interest rates by 25 basis points at its next meeting in May, with traders still expecting rate cuts towards the end of the year.
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