Dollar set for biggest one-day gain in three months, equities rally By Reuters

*DOLLAR SET FOR BIGGEST ONE-DAY GAIN IN 3 MONTHS, STOCKS RALLY ON FIRST TRADING DAY OF 2023 -

LONDON -The dollar headed for its largest one-day rise in over three months on Tuesday, while equities rallied in a macro-packed week that could offer a steer on when, and at what level, U.S. interest rates might peak.

"Energy base effects will bring about a sizeable reduction in inflation in the major economies in 2023, but stickiness in core components, much of this stemming from tight labour markets, will prevent an early dovish policy 'pivot' by central banks," analysts at NatWest Markets wrote in a note. But, Pickering said, the labour market tends to lag the broader economy by some time, meaning that there is a risk that central banks could be raising interest rates by more than the economy can withstand.

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