Risk aversion, higher yields, and resilient US economic data argued for continued high interest rates.
The US dollar index eased 0.14% in Asian morning trading after reaching a two-month high of 103.59 overnight.
The US dollar index – which measures the currency against six developed-market rivals, including the yen and euro – eased 0.14% to 103.26 in the Asian morning, after touching a two-month high at 103.59 overnight.On Thursday, minutes from the Federal Reserve’s last meeting showed most members of the rate-setting committee continued to see “significant upside risks to inflation,” suggesting a bias toward further rate increases.
Some selling to lock in profit from the dollar’s rally makes sense into the weekend, Sycamore added, but a break above 103.70 next week looks likely, opening the way for tests of the May peak at 104.70, and then 105.88. Beijing has so far disappointed with stimulus, even as each recent data release has painted an increasingly grim picture of the economic outlook.
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