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The US dollar came under pressure on Monday, heading for losses against the euro and the British pound for the second consecutive month, as traders assess the consequences of higher inflation ahead of monthly jobs data later in the week.
The dollar index fell 0.03% to 90.058. On Friday, data showed that a key measure of inflation rose to a 29-year high, bringing the dollar to a two-week high.
The euro settled at $1.2189, after falling to $1.2133 on Friday. Sterling fell 0.1% to $1.4178. With holiday trading thin, investors are weighing the impact of increased price pressures and the Federal Reserve’s easing policies on US assets. Despite rising inflation, markets do not expect interest rates to rise until the end of next year.
The Chinese yuan hit a three-year high against the dollar but later fell back in the wake of a series of warnings from Chinese officials against currency speculation.
The Chinese currency was trading abroad at 6.3741 against the dollar, after last night it touched its highest level since May 2018 at 6.3553 yuan.
