The U.S. dollar rose to a five-week high against major peers on Monday as the safe-haven currency benefited from inflation worries at home and growth concerns globally, extending gains after its biggest weekly increase since September.
The Turkish lira sank to a two-month low after weekend elections looked headed for a runoff, while the Thai baht rallied almost 1% after Thailand's opposition routed military-allied parties also in weekend polls.of U.S. consumers' long-term inflation expectations jumped to the highest since 2011, putting a possible Federal Reserve rate hike next month back in play.
"Too many FOMC rate cuts are priced for the near term in our view," Joseph Capurso, head of international economics at Commonwealth Bank of Australia , wrote in an client note. China, meanwhile, is at the centre of renewed worries about a global recession after a spate of disappointing economic data including imports and inflation pointed to tepid domestic demand. More evidence could come from Tuesday's retail sales report.
The U.S. dollar is oversold and the dollar index should move toward CBA's end-June target of 104 this week, Capurso said.That kept pressure on the yen, which tends to move inversely to U.S. long-term yields. The Japanese currency dipped at low as 136.03 per dollar before last trading flat at 135.80.
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