SINGAPORE : The dollar was on the front foot on Monday, hovering near a seven-week peak after a slew of strong U.S. economic data reinforced the view that the Federal Reserve will have to raise interest rates further and for longer.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8 per cent last month, according to the Commerce Department. Economists polled by Reuters had forecast consumer spending rebounding 1.3 per cent. The market is now pricing U.S. interest rates to peak at 5.4 per cent in July and remain above 5 per cent through the end of the year.
"We now believe it is a much closer call that officials hike by 50 basis points in March than our earlier 25 basis points assumption," said Kevin Cummins, chief economist at NatWest Markets.The data also led to markets nudging up the likely rate tops for the European Central Bank and the Bank of England.
Source: Loan Digest (loandigest.net)
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