SINGAPORE : The dollar inched higher on Tuesday after a loans survey revealed that credit conditions in the United States were less gloomy than expected, while the pound flirted with a one-year peak ahead of this week's Bank of England policy meeting.
The U.S. dollar rode Treasury yields modestly higher after the survey, as traders pared back their expectations on the scale of Fed rate cuts needed later this year to ease the stress on the sector. "It wasn't as bad as expected. There's still a tightening in credit conditions that is coming ... but overall, at this stage, the survey is not depicting a credit crunch ahead. And I think that was good news," said Rodrigo Catril, a currency strategist at National Australia Bank .
Oil prices had risen over 2 per cent on Monday, as fears of an imminent recession in the United States eased following the release of the SLOOS and Friday's robust jobs report. The kiwi slipped 0.11 per cent to $0.6338, having similarly scaled a one-month high of $0.63585 the day earlier.
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