The dollar steadied in Asian trading on Tuesday, maintaining most of the gains it made on last week's robust employment data that kept hope alive that the US Federal Reserve could still increase interest rates this year.
The dollar index, which tracks the greenback against a basket of six major rivals, was steady on the day at 93.412 . It held well above last week's 15-month low of 92.548, though was shy of Friday's post-jobs data high of 93.774 as investors pondered the timing of the US central bank's next tightening steps.
"Looking to the Fed futures market, there's less than a 50 per cent chance of one more rate hike this year," said Bill Northey, chief investment officer at US Bank Private Client Group in Helena, Montana.
Investors also await clues as to when the Fed will begin shrinking its $4.2 trillion bond portfolio.
"The September meeting is where we are anticipating the identification of the start date and we would not be surprised to see it start in an almost an immediate fashion," he said.
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Read more:
Dollar bears undaunted after getting burned by jobs rally
US adds more than 200,000 jobs in July
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US producer prices for July due on Thursday and consumer price index figures on Friday will give investors a clue about the extent to which the strengthening labour market is spilling over into inflation.
Last Fridays' jobs report showed nonfarm payrolls increased by a bigger-than-forecast 209,000 jobs in July, while average hourly earnings increased 0.3 per cent to match expectations after rising 0.2 per cent in June.
Comments on Monday from St. Louis Fed President James Bullard and Minneapolis Fed President Neel Kashkari had a muted impact on the dollar.
Bullard said the Fed can leave interest rates where they are for now because inflation is not likely to rise much even if the US job market continues to improve.
The personal consumption expenditures (PCE) price index excluding food and energy, which is the Fed's preferred gauge of inflation, has been running at 1.5 per cent and has trended away from the central bank's 2 per cent target in recent months.
That measure is forecast to rise only to 1.8 per cent if the US unemployment rate falls to an "unprecedented" 3 per cent from the current 4.3 per cent, Bullard said. With so little upward pressure on inflation, the Fed does not need to raise rates to slow growth, he said.
Bullard's assessment provides market participants with further credence as to why the dollar has not strengthened much, even after the solid jobs data, Northey said.
Against its Japanese counterpart, the dollar edged up to 110.78 yen.
It was also steady against the euro, which was buying $1.1800.
On Monday, the single currency largely shrugged off an unexpected fall in German industrial production in June.
* Reuters
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The Case For Trump
By Victor Davis Hanson
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
