Ahead of a busy week full of important data releases that may offer more hints about the outlook for interest rates around the world, the dollar was strong on Monday. The U.S. inflation reading will likely take centre stage.
The preferred inflation indicator used by the Federal Reserve, the core personal consumption expenditures price index (PCEPI), is expected to rise by 0.4% on a monthly basis when it is released on Thursday.
This week’s data schedule also includes PMI readings in China, a rate decision from the Reserve Bank of New Zealand (RBNZ), and inflation figures from the euro zone, Japan, and Australia.
The euro slipped 0.04% to $1.0817 ahead of the releases, and the New Zealand currency dropped 0.55% to $0.6164 as the dollar moved broadly higher in early Asia trade.
Due in part to widespread dollar weakness and the possibility of an RBNZ rate hike on Wednesday, the kiwi gained 1.2% last week. Futures suggest a roughly 30% possibility of a 25 basis point increase, even though most analysts anticipate the central bank to maintain current rates.
The Australian dollar dropped 0.07% to $0.6559, while sterling remained unchanged at $1.2671.
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