File picture of an Afghan moneychanger counts United States dollar currency notes on a street in Kabul on October 1, 2011. — AFP picLONDON, May 3 — The dollar levelled out after its recent bounce today as investors made a cautious start to a week crammed with central bank meetings and big-ticket US economic data, waiting for clues on the global inflation outlook and policymakers’ responses.
“We attribute the USD rebound late last week in part to noise around month-end flows, but note the risk for higher US rates to change the FX trajectory. Meanwhile, BRL and CAD remain among the favourites, while JPY was held back by rising rates, and several EMs by idiosyncratic headwinds.” The South Korean won hit a one-week low after North Korea vowed it would respond to what it regards as hostile US policy, while pressure for a national lockdown in India pushed the rupee a little lower.Data deluge
“The risk is for a hotter number,” said Chris Weston, head of research at broker Pepperstone in Melbourne.
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