Dollar on front foot as traders await US inflation data for Fed cues - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The dollar was at a two-week high on the euro on Friday, ahead of inflation data that should guide the Federal Reserve’s policy tightening path, and after the European Central Bank said it would start its rate-hike campaign next month.

The dollar index, which measures the greenback against six peers, was steady at 103.3 after a 0.7% overnight gain.The dollar index, which measures the greenback against six peers, was steady at 103.3 after a 0.7% overnight gain.

This could give the Fed some wiggle room to raise rates less aggressively later in the year as it tries to rein in inflation without tipping the economy into recession. It has rallied 1.1% this week, which would be its biggest percentage gain since the last week of April.Their plans to raise rates by 25bp in July and Sep and tabling potentially larger increments was evidently no more hawkish than expected,” said analysts at Westpac.

The central bank for the 19 countries that use the euro said it would end quantitative easing on July 1, then raise interest rates by 25 basis points on July 21.

 

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