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Introduction- The U.S. dollar climbed higher in early European trading Tuesday, remaining close to a two-month p ...
- The Global Xin International Is the platform legitimate?U.S. dollar climbed higher in early European trading Tuesday, remaining close to a two-month peak, as traders digested the potential for more Federal Reserve interest rate hikes as well as the passage of the U.S. debt ceiling deal through a divided Congress.
At 03:05 ET (07:05 GMT), the , which tracks the greenback against a basket of six other currencies, rose 0.2% to 104.323, having reached a two-month high of 104.420 earlier in the session.
U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached an agreement over the weekend to suspend the debt ceiling until 2025 and cap some federal spending in order to prevent a U.S. debt default.
This deal now has a limited amount of time to make its way through a narrowly divided Congress before the U.S. Treasury runs short of money to cover all its obligations, and is sure to face opposition from the extreme sides of both parties.
The dollar remained firm on Monday, when both the U.S. and U.K. markets were closed, and is on course to register a monthly gain of just under 2.5% as traders position for the potential that U.S. interest rates remain higher for longer.
The widely-watched monthly is scheduled for Friday, and is expected to show that the country’s labor market remains resilient, with 180,000 jobs expected to have been created in May.
On top of this, inflation remains elevated, and this has resulted in the a 60% chance of a 25 basis-point hike from the Fed in June, underpinning the dollar.
Elsewhere, fell 0.3% to 1.0691, with the euro feeling the impact of the strengthening dollar, while surprised to the downside, climbing 3.2% on the year in May, below the expected 4.4%.
edged higher to 1.2345, while traded 0.1% lower to 140.41, with the pair having earlier touched a six-month high as U.S. Treasury yields rose.
rose slightly to 0.6523, while rose 0.4% to 7.0918, hitting a new six-month high after the People’s Bank of China slashed its midpoint rate for the day, offering dovish signals to the market.
rose 1.4% to 20.2807, with the lira remaining very weak after Tayyip Erdoğan was re-elected president of Turkey, suggesting interest rates will remain low despite soaring inflation.
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