Dollar Down, Investors Bet on More Interest Rate Hikes over Upbeat Job Report By Investing.com

By Zhang Mengying

Investing.com – The dollar was down on Monday morning in Asia, but moves were small as investors bet on more interest rate hikes over an upbeat U.S. job report.

that tracks the greenback against a basket of other currencies inched down 0.04% to 102.118 by 11:34 PM ET (3:34 AM GMT).

The pair fell 0.21% to 130.59.

The pair edged down 0.17% to 0.7195, and the pair inched down 0.08% to 0.6503. will hand down its policy decision on Tuesday.

The pair edged down 0.10% to 6.6538, while the pair inched up 0.05% to 1.2491.

China’s released earlier in the day rose to 41.4 in May from 36.2 in April, , pointing to a slow recovery despite China’s easing COVID-19 curbs in cities such as Shanghai. China’s and are due on Friday.

on Friday showed that employers added 390,000 jobs in May, which is above the forecasts prepared by Investing.com and 436,000 recorded in April. However, the upbeat jobs report added to investors’ bets that the U.S. Federal Reserve remains assertive on inflation.

Investors now await the data for more clues about monetary policies, which is due on Friday.

Eurozone inflation rose to yet another record high in May, the European Central Bank (ECB) will announce an end to bond purchases this week, joining global peers in tightening monetary policy in the face of high inflation. will also hand down its policy decision on Thursday.

Investors are currently pricing in 125 basis points of hikes at the ECB’s four meetings this year.

“With (euro area) inflation yet to peak, in our view, the onus falls on the ECB to push back against the possibility of a 50bp hike in July,” analysts at Barclays) told Reuters.

“However, if President Lagarde were to leave all options on the table, market pricing is likely to continue the advance, providing a basis for to recover.”

In cryptocurrencies, continued to hover around $30,000 and was slightly firmer at $30,300 in early trade.