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Dollar under pressure as traders wait on loans data

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The dollar began the week under pressure on Monday, with traders betting it might have peaked along with U.S. interest rates, and selling it against peers that seem to have hikes ahead, though with a wary eye on looming inflation and loans data.

Bank of EnglandThe euro , which has rallied nearly 16% from September lows, was up 0.2% to $1.1042 though it has not been able to punch through resistance at $1.11. The Australian dollar hit a three-week high and rose 0.4% to $0.6774.raised rates by 25 basis points but sounded slightly more cautious than peers on the outlook, dropping guidance about the need for future hikes.

"If the Fed is proved right over the course of 2023, then it will make it harder for the dollar decline to extend," the analysts wrote. The U.S. dollar index dropped for a second week in a row last week, losing about 0.4%, and was down about 0.2% to 101.10 in Asia on Monday. The New Zealand dollar nudged up 0.3% to $0.6313.

 

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Dollar on rates-watch as traders wait on loans dataThe dollar was catching its breath on Monday after dropping last week when the Federal Reserve hinted at an end to the U.S. rate increase cycle, with traders turning their focus to U.S. inflation and bank lending data for the week ahead.
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