The U.S. dollar fell slightly from a five-week high on Monday after a period of strength that has confused analysts.
Meanwhile, The Turkish lira sank to a two-month low as weekend elections looked headed for a runoff, while the Thai baht rallied after a more decisive election result.
That helped send the dollar index , which measures the greenback against six major peers, down 0.19% to 102.49. That was just below a five-week high of 102.75 touched earlier in the session. Tan said: "U.S. interest rates have risen, as the Michigan inflation expectations was stronger than expected, number one, and number two, seem to be consistently hawkish by emphasizing that the Fed has no plan to cut interest rates."Sterling was 0.28% higher at $1.248, rebounding after last week's 1.45% fall.
Other analysts said investors' concerns about the debt ceiling standoff was causing them to buy the safe-haven dollar, ahead ofThe dollar was last up 0.38% at 19.654 Turkish lira after earlier jumping to 19.7 for the first time since March 10, when it hit a record high of 19.8 on a volatile trading day.The dollar sank 0.75% to 33.725 baht in onshore Thai trading.
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