The dollar held steady on Monday, as investors wagered that US inflation may have stabilized enough for the US Federal Reserve to cut rates in 2024.
The dollar index, which measures the US currency against six others, was last at 104.58. The index fell 1.56% in May but is up 3% for the year.
Sterling rose 0.04% to $1.2748, while the euro was a touch lower at $1.08555 ahead of the European Central Bank (ECB) policy meeting next Thursday when the central bank is seen as almost certain to cut rates. Markets are pricing in 57 basis points of cuts this year from the ECB.
Japanese yen was little changed against the dollar at 157.42, within sight of last week’s four-week low of 157.715.
Source: Qatar News Agency