U.S. dollar held steady as investors assess the increase in interest rate; (Jan 08, 2023)Deltafx Admin 11 January 2023
The U.S. dollar trended unchanged on Monday as investors digested last week’s economic data. At the same time, hopes for a slowdown in interest rate hikes by the Federal Reserve intensified.
Friday’s data showed nonfarm payrolls rose 223,000 in December, while the increase in average earnings came in lower than expected at 0.3 percent, down from 0.4 percent the previous month.
There were other signs of slowing economic growth as U.S. service industry activity fell in December for the first time in more than two years.
This caused the dollar index, which measures the value of the U.S. dollar against six major currencies, to fall 1.15 percent on Friday. In contrast, on Monday, this index, which had grown by 8% in 2022, rose 0.01% to reach 103.720.