Dollar creeps up in subdued start to new year | Business

News24 Business front pageThe dollar edged up on Monday, pulling away from recent six-month lows against a basket of major currencies.

The dollar index, which measures the value of the greenback against a basket of major currencies, rose by around 0.14% to 103.63 - off roughly six-month lows hit last week at around 103.38. "There is an attempt by the dollar index to pull higher today but we do see that it is losing a good part of the strength it gained last year," Ulrich Leuchtmann, head of forex research at Commerzbank, said.

International Monetary Fund Managing Director Kristalina Georgieva said on Sunday that 2023 would be a tough year for the global economy. S&P Global's final manufacturing Purchasing Managers' Index bounced to 47.8 in December from November's 47.1, matching a preliminary reading but still below the 50 mark separating growth from contraction.

not a chance that interest rates have reached a top in the USA. Dems just signed off on another $1.7 trillion spending bill last week increasing national debt. Also the Fed has some $4.5 trillion that it needs to unwind from its balance sheet. Trouble ahead. Recession fears.

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