HONG KONG: The dollar was on the front foot at the start of a week in which U.S. and Chinese data and European energy security were top of mind, as investor concerns about global economic growth offered support to the safe haven currency.
The euro languished at $1.01475, having lost 2.3% last week and briefly falling to its lowest since late 2002. The greenback gained 0.37% on the yen to 136.63 in early trade, not far from a 20-year peak hit last month, leaving the dollar index at 107.29.
“The (dollar) could remain expensive until the risks around elevated global inflation, European energy security and China’s growth outlook have been resolved,” said analysts at Barclays in a note to clients.
“This week’s U.S. CPI will be an important piece of the puzzle as the Fed decides between 50 basis points and 75 basis points ahead of the July meeting.”
The data is due Wednesday and markets would likely interpret a high reading as a sign the U.S….
