The dollar bears have been beating the Federal Reserve rate - GEPL Capital
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News / Other data
* The U.S. dollar sank to a two-month low on Tuesday as another round of weak economic data reinforced investor bets that the Federal Reserve is nearly done with its tightening cycle even as other central banks are seen still raising interest rates to overcome persistently high inflation.
* The dollar was testing a two-month low against its major partners early on Tuesday, still under pressure after weak data from the manufacturing sector on Monday that encouraged hopes of an early 'pivot' from the Federal Reserve. By 03:00 ET (07:00 GMT), the Dollar Index, which tracks the greenback against a basket of six developed economy currencies, was down less than 0.1% from Monday's close at 101.755.
* Asian currencies inched lower on Tuesday amid growing uncertainty over economic growth this year, while the Australian dollar retreated after the Reserve Bank held interest rates and signaled that inflation had likely peaked.
* The dollar bears have been beating the Federal Reserve rate-cut drum, dragging the greenback lower but that tune may soon be out of rhythm should the economic impact from the banking crisis remain modest. The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.45% to 101.72.
* The dollar stumbled on Monday, surrendering earlier gains following unexpected oil output cuts from OPEC+, as data showed the U.S. economy continued to slow with declines in manufacturing and construction spending.
* Nigeria's naira dropped to a record low of 465 per dollar on the official market on Monday, Refinitiv data showed, as traders await the outcome of Friday's central bank foreign exchange auction
Data inference
* No Major Event.
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