The dollar held its overnight gains on Tuesday as concerns about unrest in China over COVID-19 restrictions dampened market sentiment, and as hawkish remarks from Federal Reserve officials gave the greenback an additional leg up.
European Central Bank President Christine Lagarde said overnight that euro zone inflation has not peaked and it risks turning out even higher than currently expected, hinting at a series of interest rate hikes ahead. In China, police on Monday stopped and searched people at the sites of weekend protests in Shanghai and Beijing, after crowds there and in other Chinese cities demonstrated against the country's strict zero-COVID policy."I think the currency moves today will again be driven by views on China's COVID policy, as well as the broad risk sentiment," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.
Against a basket of currencies, the U.S. dollar index was marginally lower by 0.1 per cent at 106.50, after rising 0.5 per cent overnight. "The Fed rhetoric we've heard from some of the speakers in the last 24 hours is sending a relatively hawkish message, which is somewhat at odds with market pricing," said NAB's Attrill.
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