Dollar holds firm ahead of U.S. durable goods, housing data
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Dollar holds firm ahead of U.S. durable goods, housing data
By Rocky Swift
TOKYO (Reuters) – The U.S. dollar held its ground against major currencies on Tuesday as tension in Russia simmered and traders looked ahead to U.S. data that may determine the timing of interest rate hikes.
Russian President Vladimir Putin said on Monday he let an aborted mutiny go on as long as it did to avoid bloodshed, a crisis that pushed the greenback to a 15-month high against the rouble.
The dollar index rose 0.04% to 102.770. The rouble was flat at 84.40 per dollar after hitting its weakest level since March 2022.
The greenback traded at 143.43 yen, down 0.06% from late U.S. levels. Japanese officials have sounded the alarm in recent days over rapid weakening of the currency.
U.S. data this week include new orders for durable goods, housing figures, and consumer surveys from The Conference Board and University of Michigan.
Market participants expect the Federal Reserve to raise its funds target rate by 25 basis points in July, but the path beyond is less clear.
“We will have many U.S. indicators, which I think will be mixed, so there will be no strong momentum, at least today,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.
Two more rate hikes are not fully priced in the market. If the U.S. economic data comes out on the strong side, then further pricing in for the two rate hikes will push up the dollar,” Yamamoto said.
The euro was flat at $1.09055 ahead of speeches by European Central Bank officials at the bank’s Forum on Central Banking in Sintra, Portugal, on Tuesday and Wednesday.
The Australian dollar fetched $0.66815, up 0.10%, while the New Zealand dollar slid 0.08% to $0.6159.
(Reporting by Rocky Swift)
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.
