The dollar bounced from a one-year low on Monday as market expectations for an interest rate hike in May were raised.
"The U.S. bank earnings came out much better than expectations, which suggests that the U.S. economy is not so bad ... So I think that will increase for the Fed to continue raising interest rates," said Tina Teng, market analyst at CMC Markets.will raise interest rates by 25 basis points next month, up from about a 69% chance last week.
Short-term inflation expectations have also increased, with the University of Michigan's preliminary April reading showing that one-year inflation expectations rose to 4.6% from 3.6% in March. Yields on U.S. Treasuries jumped in the wake of the data releases on Friday, and remained elevated on Monday., which typically moves in step with interest rate expectations, stood at 4.1137%, after hitting a roughly two-week top of 4.137% on Friday.Some hawkish Fed speak also aided the higher interest rate expectations, with Fed Governor Christopher Waller and Atlanta Fed President Raphael Bostic suggesting that the Fed could hike another 25 bps next month.to 133.
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