Dollar Subdued On Hopes Fed Will Slow The Pace Of Rate Hikes
(RTTNews) - After exhibiting weakness in the Asian session and during much of the European session, the U.S. dollar climbed higher on Monday but struggled to hold gains amid rising expectations the Fed will slow the pace of interest rate hikes.
Amid a lack of economic data, the dollar's movements were quite sluggish. Reports on durable goods orders, fourth quarter GDP, new home sales and personal income and spending are due over the course of this week.
Fed Governor Christopher Waller said on Friday that he supported a quarter percentage point rate hike at the February meeting as inflation and wages continued to moderate.
Philadelphia Fed President Patrick Harker also said Friday he expects 25-basis point rate increases to be appropriate going forward.
The dollar index, which was down at 101.59 in the Asian session, climbed to a high of 102.28 in the New York session but dropped down to 102.04 as the day progressed.
Against the Euro, the dollar is weak at 1.0871, down from the previous close of 1.0857.
The dollar is up against Pound Sterling at 1.2378, gaining from 1.2394.
Against the Japanese currency, the dollar is stronger at 130.68 yen, nearly 1% up from the previous close.
The dollar has weakened to 0.7028 against the Aussie from 0.7969. Against Swiss franc, the dollar is up marginally, fetching CHF 0.9218 a unit. The Loonie is up slightly against the dollar at C$1.3369.
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