The dollar rose steadily after falling after the Silicon Valley Bank closed on Monday.
Consumer Price Index readings can potentially cause further volatility on a global scale. Traders quickly downgraded their forecasts for a rate hike by the Federal Reserve.
The euro is down 0.1% at $1.073 in recent weeks as the dollar moves higher. It hit a one-month high of $1,075 on Monday and advanced 0.84% for the entire session. The dollar was recently up 0.2% at 134.32 yen, reversing Monday’s 1.39% low.
Over the weekend, US authorities launched the necessary measures in response to the closure of SVB, promising to protect depositors from boosting banking confidence. On Monday, the US president promised to take important steps to ensure the banking system’s safety.
The dollar index advanced 0.12% to 103.78 on Tuesday. It was down 0.93% on Monday.
On Monday, the British pound advanced 1.23% to $1.217 with no change. Tuesday’s figures showed that UK wage growth slowed.
Investors brace for inflation slowdown
US CPI data is expected to show that inflation slowed to 6% year-on-year in February from 6.5% in January. Investors are watching the key question, which underpins volatile and volatile food and energy prices and is closely watched by the Fed.
The dollar was down 0.14% at 0.912 Swiss francs on Tuesday after losing 1.05% against the greenback on Monday.
The Australian dollar was down 0.15% at $0.665.
Sterling fell against the dollar but was still trading a day ahead of its one-month high. A volatile market environment led to a dramatic cut in US exchange rate expectations and short-term yields, sending the dollar lower. Against the euro, the pound was at 87.9 pence per euro, the highest in over two weeks.
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