The dollar languished near the bottom of its recent range against major peers on Tuesday, knocked back by weak U.S. factory data overnight and on market wagers of faster normalisation of monetary policy in other countries.
The dollar index , which measures the greenback against six peers, weakened 0.05% to 93.894 from Monday. It has oscillated for the past three weeks between 93.671 and the one-year high of 94.563, reached last Tuesday.
"The sense that 'transitory' inflation will last longer than previously thought has been the main catalyst" as "the market re-calibrated rate hike expectations in most jurisdictions," Westpac strategists wrote in a research note. However, Westpac remains bullish on New Zealand's kiwi dollar - which isn't part of the dollar index - targeting a climb to $0.74 by year-end, and recommending buying any dips to $0.6985.The Aussie dollar gained 0.09% to $0.74225, approaching a more than one-month high of $0.7440 touched at the end of last week, even after minutes of the Reserve Bank of Australia's September meeting showed on Tuesday that policymakers are concerned tighter policy could harm the labour market.
U.S. manufacturing output was hurt as an ongoing global shortage of semiconductors depressed motor vehicle output, providing further evidence that supply constraints were hampering economic growth."Our strong USD forecast published in early July reflected - among other things - U.S. economic outperformance, but the USD's drivers may be changing," Commonwealth Bank of Australia strategist Joseph Capurso wrote in a client note.
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