US Dollar Drops as Traders Bet on Peak Rates; Pound Rises on UK Data
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The US dollar dropped over 0.2% against major currencies and is headed for its biggest monthly decline in a year as traders bet on peak US rates.
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This week's economic data including US core inflation, New Zealand interest rate decision, and Chinese PMI numbers could influence policy outlooks.
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Markets show a 23% chance the Fed may start easing rates as early as March as growth optimism rises.
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The British pound hit a 2-month high against the US dollar after better-than-expected UK PMI data for November.
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The Chinese yuan slipped after 5 days of gains as the central bank set a weaker midpoint fixing rate.