The dollar settled near its highest level in seven weeks on Monday, after a batch of US economic data supported expectations that the Federal Reserve should continue raising interest rates for a longer period.<\/p>\n\n\n\n
Data on Friday showed a sharp rise in US consumer spending in January as inflation accelerated. The personal consumption expenditures index, the Fed’s preferred measure of inflation, rose 0.6% last month after gaining 0.2% in December.<\/p>\n\n\n\n
The dollar index, which measures the performance of the US currency against six major currencies, rose 0.038 percent to 105.21, close to a seven-week high of 105.32, which it touched on Friday, after the publication of higher-than-expected data.<\/p>\n\n\n\n
The index rose 3 percent in February and is set to end a four-month losing streak as investors revise their expectations that U.S. interest rates will continue to rise for a longer period.<\/p>\n\n\n\n
Markets are now digesting the possibility that interest rates will peak at 5.4 percent in July and remain above 5 percent until the end of the year.<\/p>\n\n\n\n
The euro was little changed near its lowest level in seven weeks of $1.0536, which it recorded on Friday. The pound sterling was last traded at $1.1943, down 0.01 percent on the day.<\/p>\n\n\n\n
The Japanese yen rose 0.12 percent to 136.29 yen per dollar, after falling to a more than two-month low of 136.58 yen earlier in the session.<\/p>\n\n\n\n
The Australian dollar lost 0.25% to $0.671, after approaching a two-month low of $0.6705. The New Zealand dollar fell 0.28 percent against the US currency, to $ 0.614.<\/p>\n","protected":false},"excerpt":{"rendered":"
The dollar settled near its highest level in seven weeks on Monday, after a batch of US economic data supported expectations that the Federal Reserve should continue raising interest rates for a longer period. Data on Friday showed a sharp rise in US consumer spending in January as inflation accelerated. The personal consumption expenditures index, …<\/p>\n","protected":false},"author":9,"featured_media":61086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6827,49,37,36],"tags":[8143,7163,9338,7957,8367],"class_list":["post-80658","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-daily-economic-reports","category-economic-reports","category-forex-markets","category-market-updates","tag-interest-rate-hikes","tag-jerome-powell","tag-neel-kashkari","tag-nfp-data","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=80658"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80658\/revisions"}],"predecessor-version":[{"id":80660,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80658\/revisions\/80660"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61086"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=80658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=80658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=80658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}