The dollar was firm on Monday as economic resilience in the United States raised market expectations for further rate hikes by the Federal Reserve, while news that a debt ceiling deal had been finalised sparked some risk-on sentiment.
The greenback notched a fresh six-month high of 140.91 yen in early Asia trade and was headed for a monthly gain of more than 3% against the Japanese currency.
Yields on U.S. Treasuries jumped on the back of the data, with the two-year yield , which typically reflects near-term interest rate expectations, rising more than 10 basis points to an over two-month high of 4.639% on Friday. "Whether the dollar sustains the rally that we're seeing, I think it'll depend on particularly the wages data, or average earnings within Friday's payrolls report, and obviously we've got CPI before the Fed as well," said Ray Attrill, head of FX strategy at National Australia Bank .Money markets are now pricing in a nearly 68% chance that the Fed will raise rates by 25 bps in June, as compared to a roughly 17% chance a week ago, according to the CME FedWatch tool.
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