Global shares edged up in light trading on Monday, ahead of U.S. inflation data this week that could prove instrumental in setting expectations for the outlook for monetary policy.
The dollar came under pressure as a deadline for lawmakers to resolve a standoff over the U.S. government's borrowing limit drew ever closer.report has prompted investors to dial back their expectations for the timing and size of the Federal Reserve's first rate cut. Wednesday's consumer price data is expected to show core inflation slowed moderately.
Money markets show investors expect U.S. rates to have now peaked and could end this year below 4.40%. Against that backdrop, the dollar is close to its lowest in a year against a basket of major currencies. "While it is premature to get too 'beared up' on the dollar until a clearer peak in U.S. rates is seen, the U.S. banking sector travails that have no easy/costless solutions, continue to make for a mildly bearish medium-term story," said Alan Ruskin, head of global FX strategy at Deutsche Bank.
"The survey should point to further broad-based tightening in bank lending standards," said Bruce Kasman, head of economic research at JPMorgan.
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