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18 Oct 2021

Dollar Stays Steady as Inflation Pushes Yields Higher

The Index Today

The U.S dollar steadied on Monday as oil prices rattled investor sentiment and inflation worries pushed interest rates higher. In the Asian Markets, the dollar showed an increase as it recovers from last week’s dip along with U.S yields.

The dollar went up around 0.2% against the euro and 0.1% against the yen. On the other hand, the New Zealand dollar went up around 0.5% reaching a new high of $0.7105.

After the Bank of England Governor Andrew Bailey issued aggressive remarks on how policy makers need to act to manage inflation, the British pound managed to remain steady. China’s new report revealed slowing economic growth and factory output falling to a new low making investors cautious of financial unease ahead.

HSBC analysts said, “For some time our central argument has rested on two factors coming together to support the dollar, namely the moderation in global, and the Fed taking a gradual path towards eventual rate hikes.”

In New Zealand, consumer prices saw the fastest rise since 2010 which means the bank should continue on its projector path. Westpac analysts Imre Speizer said, “It just reinforces the case that they do need to stick to that path. Inflation is very strong.”

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