The dollar rose back toward a 20-year high on Monday as the euro struggled around the $1.05 mark, with investors preparing for a busy week of central bank meetings including a likely Federal Reserve interest rate hike.
are pricing in an aggressive run of rate hikes from the Fed as it tries to tame soaring inflation.
BNP Paribas strategists said last week that big speculative flows and not concerns about a worsening economic outlook explained the euro's slide to a five-year low below $1.05 this week.Elsewhere, the dollar gained half a percent on the Chinese yuan in offshore markets, reaching 6.6895, just below its strongest since late 2020.
Steve Englander, head of global G10 FX Research at Standard Chartered, said there was a reasonable case to be made for central bank intervention to weaken the surging dollar.
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