The U.S. dollar resumed its rally on Tuesday following a brief pause at the start of the week, putting it back on track to end the month with an impressive gain after a four-month losing streak.
Market expectations that the U.S. Federal Reserve would have to raise rates more than initially expected, which gained steam following a slew of upbeat economic data from the United States, have sent the greenback on a tear in recent weeks.
The dollar index , which measures the currency against a basket of peers, rose 0.18% to 104.84 in Asia trade and was eyeing a monthly gain of more than 2.5%, its first since September. Resilience in the world's largest economy has given reason for Fed policymakers to stay hawkish, with investors now expecting the Fed funds rate to peak just above 5.4% by September.
"The dollar has made its rebound - fully justified on the strength of the January numbers that came through in February, and the repricing for the Fed," said Ray Attrill, head of FX strategy at National Australia Bank, referring to the strong run of U.S. economic data.
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