Dollar Up, Investors Looking to U.S. Inflation Data for Fed Cues on Interest Rate -Breaking
Investing.com – The dollar was up on Friday morning in Asia ahead of U.S. inflation data and after the suggested future interest rate hikes.
This chart tracks the greenback’s value against a basket currency by 0.09% at 1:09 PM ET (5:10 GMT).
It fell to 133.79 by 0.4%
The pair edged down 0.13% at 0.7106 while the pair edged upwards 0.19% at 0.6404.
While the pair fell 0.03% to 6.900, it rose 0.10% by 1.2502.
China’s producer inflation cooled to its slowest pace in 14 months in May. According to official data, the May increase was 6.4%, while the April rise was 8.0%. This is due to lower demand for steel and aluminum after the COVID-19 disruption.
Also, the data showed that in May, the rate of growth was 2.1% year over year.
Shanghai is now in partial lockdown after new COVID-19 epidemics. It was released from restrictions that were lifted on June 1.
Investors are still digesting signals from the ECB regarding interest rate increases. There was a quarter-point increase in interest rates in July, and a larger hike for inflation. At 8%, inflation is now in the eurozone. On July 1, 2022, the ECB will stop buying net assets.
The yields of short-dated U.S. Treasury bonds rose higher.
Now investors shifted their focus to , due later in the day, for more cues on the U.S. Federal Reserve’s interest rate hikes path.
The analysts at Westpac said the was set to settle between 101 to 105, and could stay higher if U.S. CPI data and next week’s Fed meeting underscore a higher yield, according to Reuters.
It was $29,800 in cryptocurrencies.