The dollar held its ground on Monday but was still near multi-week lows against some of its major peers as traders were on guard ahead of central bank meetings this week.

The South African rand jumped on Thursday, clinging to gains made since the start of the week on a weakening dollar and encouraging domestic data.

The U.S. dollar steady but was on the back foot on Thursday, though it drew some support from higher U.S. Treasury yields as traders contemplated the possibility of another rate hike.

The pound slipped on Tuesday as data showed that British house building wilted in May and the dollar found a footing.

The South African rand strengthened more than 1% against the dollar on Monday, despite showing business activity at an almost two-year low. 

A strong U.S. economy is giving an unexpected boost to the dollar, frustrating bearish investors betting on its decline.

The South African rand hit a fresh record low in early trade on Thursday, extending a hammering from May on the back of souring investor sentiment.

The U.S. dollar retreated from a two-week top against its major peers on Thursday as investors trimmed bets that the Federal Reserve will raise interest rates this month.

As the Sterling rises against a weaker dollar on Tuesday, stickier than expected British inflation remains in focus ahead of a quiet week for the country’s data calendar.

The South African rand flat and battered by crippling power cuts and a U.S. diplomat’s allegation of supplying weapons to Russia, was flat on Monday, after hitting a record low last week.

The dollar held firm on Monday supported by growing expectations of further rate hikes by the U.S. Federal Reserve.

The US dollar eased on Friday but remained near a two-month high against its major peers, buoyed by expectations that U.S. interest rates could remain higher for longer.

South Africa’s rand slipped against a stronger dollar on Wednesday, as investors turned their focus to the central bank’s rate decision due today.

The British pound dropped to a one-month low against the U.S. dollar on Tuesday as UK business activity data came in below expectations. S&P Global’s UK composite purchasing managers’ index.

The South African Rand strengthened on Monday amid relief that South Africa’s credit rating was not downgraded and bets on a large interest rate hike, with a central bank announcement the main focal point of the week.

The US dollar extended its decline versus the yen and euro on Monday, following a surprise breakdown in U.S. debt ceiling negotiations and after Federal Reserve Chair Jerome Powell indicated a preference to slow rate hikes.

Sterling was falling back towards a three-week low against the dollar on Thursday, as investors remained cautious after the pound’s recent rally, with the economy stagnating and the labour market softening.

The U.S. dollar firms near a seven-week peak on Thursday, after President Joe Biden and top U.S. congressional Republican Kevin McCarthy worked towards avoiding a damaging debt default.

The pound fell on Tuesday, after data showed a rise in the UK unemployment rate, which could take some of the pressure off the Bank of England to raise interest rates.

The South African rand firmed in early trade on Monday, recovering from an all-time low hit against the dollar last week as investors were spooked by possible sanctions amid U.S. allegations

Reuters: South Africa’s Rand hit a new all-time low against the dollar on Friday, extending steep losses from the previous day. On Thursday the U.S. ambassador said he was confident that a Russian ship had picked up weapons in South Africa last year.

The South African rand sets a new three-year low in early trade on Thursday, under renewed selling pressure from the worst power cuts on record that experts say could get worse.

The US Dollar sank for a second day against the yen on Thursday, feeling the pressure from lower U.S. Treasury yields after slowing inflation gave traders more confidence.

Sterling eased against the U.S. dollar on Tuesday but stayed close to the previous day’s one-year high, ahead of the Bank of England policy decision later this week. 

The dollar inched higher on Tuesday after a loans survey showed U.S. credit conditions were less gloomy than expected, while the pound flirted with a one-year peak on ex.