The dollar made a recovery from its 15-month lows in the past fortnight. The unexpected decline in US jobless claims signalled a strong labour market and increased expectations of rate hikes. However, housing data in June disappointed, with housing starts, building permits, and existing home sales all missing estimates.
The greenback found additional support from cooler-than-expected UK inflation and dovish remarks from the Bank of Japan (BOJ) Governor and European Central Bank (ECB) official. ECB Governing Council member Klaas Knot suggested that monetary tightening beyond the upcoming meeting is uncertain, hinting at a possible end to interest-rate hikes. BOJ Governor Kazuo Ueda mentioned that achieving the inflation target remains distant, implying continued support for ultra-loose monetary policies.
This story is from the July 31, 2023 edition of Dalal Street Investment Journal.
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This story is from the July 31, 2023 edition of Dalal Street Investment Journal.
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