- December 23, 2022
- Posted by: Stratford Team
- Category: Economy
By Rae Wee
SINGAPORE, Dec 23 (Reuters) – The dollar was on the front foot on Friday as solid U.S. economic data reinforced the need for the Federal Reserve to stay on its aggressive monetary policy tightening path and further raised the odds of higher-for-longer rates.
The greenback gave back some of its gains in Asia trade after rising broadly overnight, although it hobbled against the Japanese yen, which continues to draw solid demand after the Bank of Japan’s surprise policy tweak earlier in the week.
Sterling rose 0.05% to $1.2043, after having slumped to a three-week trough of $1.1993 overnight.
The kiwi gained 0.38% to $0.62715, after falling 0.7% and similarly touching a three-week low on Thursday.
The number of Americans filing new claims for unemployment benefits increased less than expected last week, pointing to a still-tight labour market, data released on Thursday showed.
A second report on the same day confirmed the U.S. economy rebounded in…
