Dollar teeters near one-year low; euro climbs to 17-month peak

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The dollar wobbled near an over one-year low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge if the greenback has further downside in the wake of last week's cooler-than-expected U.S. inflation report.

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Published by

18 Jul 2023

The U.S. dollar index, which measures the greenback against a basket of six currencies, fell 0.15% to 99.753 in Asia trade, languishing near Friday's trough of 99.574, its lowest since April 2022.

The index had clocked its worst week of 2023 last week, after data showed U.S. inflation subsided further with consumer prices registering their smallest annual increase in more than two years, taking pressure off the Federal Reserve to continue raising interest rates.

«I think the dollar can stay under selling pressure,» said Carol Kong, a currency strategist at Commonwealth Bank of Australia. «Markets are focused on the end of the FOMC tightening cycle.»

Against the greenback, the euro hit a fresh 17-month high of $1.1256, while sterling gained 0.16% to $1.30945, not far from last week's top of $1.3144, also its