The prospect of the world's number-two economy kicking back into gear helped traders overcome data last Friday showing that far more jobs than expected were created in the United States in November.
"If next week's consumer price index data stays hot ... then our forecast for the Fed funds rate to be raised by 50 basis points each in December and February to hit 4.75 to 5.00 per cent may prove too low," said Mansoor Mohi-uddin, of the Bank of Singapore. Still, the dollar remained under pressure against its main peers as investors lower their expectations for US borrowing costs.
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