The dollar distanced itself from an eight-month trough on Monday ahead of a slew of central bank meetings this week, though gains were capped by dovish repricing of the U.S. Federal Reserve's rate-hike expectations as compared to more hawkish counterparts.
The euro, which is headed for a nearly 1.5% monthly gain, has drawn support from continued hawkish rhetoric by ECB policymakers andElsewhere, the New Zealand dollar slipped 0.05% to $0.6491, while the yen jumped close to 0.2% to 129.62 per dollar.to make its 2% inflation target a long-term goal, instead of one that must be met as soon as possible, in light of the rising cost of prolonged monetary easing.
The Australian dollar fell 0.3% to $0.7088 but was on track for a monthly gain of nearly 4%, after the shock thatlast quarter caused traders to ramp up bets that the Reserve Bank of Australia will have to tighten interest rates further. With China returning from its Lunar New Year holiday, focus will be on the upcoming release of its purchasing managers' index data on Tuesday."So far, the data coming from China, or the vibes coming from China, do play to the view that a good reopening in terms of activity is likely to unfold."after authorities scrapped COVID-19 travel curbs, state media reported on Saturday.
The onshore yuan jumped against the dollar on Monday, rising roughly 0.5% to 6.7530, as investors cheered signs of economic recovery indicated by robust holiday spending and tourism data.
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