Hike bets hoist euro and bolster US dollar - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 8/30/2022 10:45 PM
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The dollar was firm on Wednesday as stronger-than-expected US economic data and hawkish Federal Reserve comments pointed to higher interest rates, while rate-hike bets in Europe also have the common currency clinging on above parity.

German inflation running at its highest in nearly 50 years and a growing chorus of European Central Bank officials calling for big rate hikes has markets pricing a better-than-even chance of a 75 basis point rate hike next week.

Another month of manufacturing contraction is expected for August, with a reading of 49.2 forecast, marginally higher than the 49.0 reading in July.

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The dollar is enjoying the last days of glory before the world ditch it for better currency. Let the looters use this opportunity very well.

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