2023-07-04 09:33:23
The dollar, like other major currencies, remained stable on Tuesday in the absence of strong economic indicators and while the American national holiday will keep investors away from their consoles in the United States.
Around 9:10 a.m. GMT (11:10 a.m. in Paris), the Dollar index, which compares the greenback to a basket of other major currencies, climbed 0.04% to 103.03 points.
“The session looks quiet in Europe, without the United States for July 4, and little data before the PMIs for June tomorrow”, comments Michael Hewson, analyst at CMC Markets.
Several European PMI indicators are due out on Wednesday and might give clues to the economy’s resilience to central bank rate hikes.
“It is clear that the European Central Bank (ECB) will raise its rates in July. Speculation is regarding what will happen following,” said You-Na Park-Heger, analyst at Commerzbank.
A slowdown in growth might push the ECB to fewer rate hikes, which would make the euro less attractive.
In Australia, the central bank decided on Tuesday to leave its rates unchanged, at 4.1%, in the face of an “uncertain” economic context.
The Reserve Bank of Australia (RBA) meets more often than the major central banks, with monthly monetary policy decisions, Mr Hewson said.
The officials of the monetary institute have therefore decided to wait but “with a still strong labor market and persistent services inflation, it is unlikely that rates will not rise further in Australia”, he warns.
The Australian dollar did not suffer from the central bank’s wait-and-see attitude and rose 0.14% to 1.4967 Australian dollars for one US dollar.
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