The U.S. dollar was steady on Monday as investors digested a clutch of economic data released last week that stoked hopes of the Federal Reserve slowing the pace of its interest rate hikes.
showed U.S. nonfarm payrolls rose by 223,000 jobs in December, while a 0.3% rise in average earnings was smaller than expected and less than the previous month's 0.4%.
That led the dollar index , which measures the U.S. dollar against six major currencies, 1.15% lower on Friday. On Monday, the index, which gained 8% in 2022, was 0.01% higher at 103.720. "We expect the Fed will stay more hawkish than the market anticipates, keeping us cautious on the near-term outlook for risk assets."
Citi said it expects another "softer" core CPI print with some upside risk but said core inflation could pick up again in early 2023.
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