Dollar under pressure as traders await U.S. loans data

Sterling , up a fraction on the day and hovering at an 11-month high of $1.2652, was in particular focus ahead of an expectedThe pound has also been firming versus the euro, which was last at 87.36 pence , having dipped to 87.11 pence on Friday, its softest against the British currency this year.

U.S. interest rate futures are pricing about a one-third chance of a rate cut as soon as July, according to the CME FedWatch tool - even thoughslowed the pace"Interest rate differentials between the Eurozone and US continue to narrow, removing a headwind for ," said Carol Kong, currency strategist at Commonwealth Bank of Australia.

The dollar index , which tracks the unit against six major peers, was down 0.2% at 101.11. Last month's, 100.78 was its lowest in a year.

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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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Dollar under pressure as traders wait on loans dataThe 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.
Source: Reuters - 🏆 2. / 97 Read more »