Strong US economic data boosts dollar

MG News | February 20, 2023 at 10:59 AM GMT+05:00

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February 20, 2023 (MLN): Strong US economic data has supported the dollar, causing traders to bet that the Federal Reserve will keep its monetary policy tightening path for longer than expected, as Reuters reported.

The greenback has risen slightly against most major currencies in Asia trade, while the US dollar index is up almost 2% for the month so far.

Markets are expecting the Fed funds rate to peak at just under 5.3% by July, while hawkish comments from Fed officials have also helped support the US dollar.

In Europe, two ECB policymakers have said interest rates still have some way to rise, but this has done little to lift the euro, which was down 0.08% at $1.06855.

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