The greenback has bounced from a six-week low last week as investors ramp up bets that the US central bank will continue to hike rates aggressively as inflation remains persistently high.The greenback has bounced from a six-week low last week as investors ramp up bets that the US central bank will continue to hike rates aggressively as inflation remains persistently high.
Looser financial conditions as benchmark 10-year Treasury yields hold below 3% and as the credit and stocks markets improve has increased speculation the Fed may need to be more aggressive in tightening conditions to address rising price pressures. “This must reverse. Else the Fed has no choice but to get tougher,” Garvey, regional head of research, Americas at ING said in a note.
Data on Tuesday showed that US home building fell to the lowest level in nearly 1-1/2 years in July, weighed down by higher mortgage rates and prices for construction materials.The dollar index against a basket of currencies was up 0.02% on the day at 106.48. Germany secured a commitment on Tuesday from major gas importers to keep two floating liquefied natural gas terminals fully supplied from this winter in a bid to cut reliance on Russian fuel, as Moscow warned that sky-high gas prices may jump again.
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