Against a basket of currencies, the dollar held on to small gains won last week and moved a whisker higher to 97.744, before edging back to flat. ― Reuters pic
The greenback was marginally lower against the Australian and New Zealand dollars, and steady on the yuan, euro and British pound. Barclays expects continued pressure on the kiwi, but said gains in the euro are possible if Purchasing Managers Index data due tomorrow beats expectations and recommended going long on euro/dollar, with a US$1.14 target.
While that is seen as unlikely, localised restrictions have been re-imposed in Beijing to contain an outbreak there and Australia’s Victoria state has also re-imposed limits on gatherings to contain a spike in cases. The Reserve Bank of New Zealand announces its latest benchmark interest rate settings on Wednesday. It is all but certain to keep rates on hold at 0.25 per cent, leaving markets to focus on its tone and on talk of negative rates in the future.
At the same time, a slowdown in global central banks drawing on the US Federal Reserve’s emergency dollar funding lines could also provide dollar support.
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