The dollar held near a one-week high against major peers Monday as traders weighed the impact of protracted monetary tightening cycles on global growth outlook.
A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022.The dollar held near a one-week high against its major peers on Monday as traders weighed the impact of protracted monetary tightening cycles on the global growth outlook and as worries over a deep downturn in major economies lingered.
Flash Purchasing Managers' Index data on Friday showed Britain's economy displayed signs of a slowdown this month but inflation pressures stayed high. "Again, another set of weak PMI data coming out of Europe," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "By contrast, PMI data in the U.K. and the U.S. continue to be pretty solid in the face of aggressive interest rate hikes.
A summary of opinions of the Bank of Japan's June policy meeting showed that a board member said the central bank should discuss revising its yield curve control policy at an early stage.
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