SINGAPORE : The euro won support on Tuesday as traders braced for European inflation figures to run hot this week and awaited a speech from central bank chief Christine Lagarde, while worries about a recession kept the U.S. dollar firm.
The dollar held modest overnight gains on other currencies and traded at 135.37 yen and $0.6936 per Australian dollar early in the Asia session. "This set of inflation data will have a significant influence on the ECB's monetary policy forward guidance, especially on the trajectory ... of its interest rate hike cycle that is expected to kick start in July," said CMC analyst Kelvin Wong.
The weak spot is against the Swiss franc which has rocketed to test parity on the common currency following a surprise rate hike by the Swiss National Bank earlier in June.
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