©Reuters. US dollar coins in an illustrative photo taken on July 17, 2022. Photo: Dado Rovic/Reuters.
NEW YORK (Reuters) – The value was up against most other weak-trading currencies, ahead of key data that should show US inflation eased in November on a year-on-year basis and the pace of interest rate hikes expected to ease at the end of Wednesday’s Federal Reserve (Central Bank of the United States) meeting.
In overnight trading on Monday, the dollar rose 0.8% against the yen to 137.71 yen.
It was also up 0.2% to 0.9348 Swiss francs and against the Australian and New Zealand dollars, which fell 0.7% and 0.5% respectively.
It settled against the US currency and was trading at $1.0535.
The dollar index, which measures the value of the greenback against six major currencies, came in at 105.1.
Consumer price inflation data for November is due out on Tuesday and the core inflation reading, which excludes food and energy prices, is expected to rise to 6.1%, down from 6.3% in October.
This week is one of the busiest for macroeconomic releases since the beginning of the year, as four major central banks hold their final policy meetings for the year, as well as consumer inflation data from the US which could be useful for determining the outlook for US interest rates and the dollar.
The US Federal Reserve, the European Central Bank, the Bank of England and the Swiss National Bank will make interest rate decisions.
The dollar briefly rose 0.5% against the pound after data showed the British economy recovered in October after a bank holiday for Queen Elizabeth’s funeral.
And it fell in foreign transactions by 0.3 percent against the US currency, to $6.996, influenced by fears of a possible increase in the number of infections from Covid-19, as China eases its tight restrictions to fight the disease.
(Prepared by Ali Khafaji and Muhammad Ali Farag for the Arab Bulletin – Edited by Mustafa Saleh)
