SINGAPORE/LONDON—The dollar wavered near a seven-week high on Monday, as investors took stock of last week’s strong economic data and rapid reconsideration of where interest rates will peak.
Data on Friday showed U.S. consumer spending rebounded sharply in January, while inflation accelerated.
Traders now expect the Fed to raise interest rates to around 5.4 percent by the summer, according to pricing in futures markers. At the beginning of February, they envisaged rates rising to a peak of just 4.9 percent.
The euro fell to its lowest level against the dollar since Jan. 6 on Monday as the U.S. currency gained, slipping to $1.053. It then rebounded somewhat and was last up 0.1 percent to $1.055….
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