SINGAPORE - The dollar made a steady start to the week, as investors were focused on U.S., European and Japanese inflation data to guide the global interest rate outlook.
German inflation on Wednesday and euro zone readings on Friday will be watched for confirmation of a European rate cut that traders have priced for next week.Sterling was testing the top side of a range it has held this year at $1.2735. The Australian and New Zealand dollars have eased from recent highs, leaving the Aussie at $0.6626 and the kiwi at $0.6122 as markets have dialled back interest rate cut expectations for the U.S.
"Focus on core PCE revolves around whether the drivers of inflation are part of the consumer mood shift," said Bob Savage, BNY Mellon's head of markets strategy and insights.While the rates uncertainty persists, investors have been chasing income and selling low yield currencies such as the yen, yuan and Swiss franc against the euro and the dollar.
Tokyo CPI, due on Friday, is a reliable guide to the national trend and will be closely watched. The U.S. move to shorten equity-market settlement from two days to one will also be closely watched in currency trade this week as dealers expect it may drive trade into the quiet early mornings in Asia. In cryptocurrency markets, ether closed out its largest weekly rise in nearly three years after a surprise approval for some U.S. exchange-traded fund applications.
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