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Dollar Rises After Sharp Drop; Euro Weakens on Lagarde Comments
Monday, 23 December 2024 17:30 WIB | US DOLLAR |DOLLAR

The U.S. dollar rose on Monday, recovering from a sharp drop late last week on signs of easing inflation pressures, while the euro weakened after dovish comments from ECB chief Christine Lagarde.

At 5 a.m. ET (10 a.m. GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.4% higher at 107.750, having fallen sharply from a two-year high on Friday.

The dollar rose on Monday after falling sharply on Friday as the Federal Reserve's preferred inflation gauge showed modest monthly price increases, with the underlying inflation measure posting its smallest gain in six months.

That eased some concerns about how much the Fed will cut interest rates in 2025, which had risen after the hawkish U.S. rate outlook following the Fed's last policy meeting of the year.

Still, traders are pricing in a 38 basis point rate cut next year, down from the two 25bp rate cuts projected by the Fed last week, with markets pushing back the first easing in 2025 until June, with a March cut expected around 53%.

Trading volumes are likely to thin out as the year ends, with this trading week shortened by the holiday period.
Source: Investing.com

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