Reuters

The dollar steadied in Asian trading on Tuesday, maintaining most of the gains it made on last week’s robust employment data that kept hope alive that the U.S. Federal Reserve could still increase interest rates this year.

The Federal Reserve can leave interest rates where they are for now because inflation is not likely to rise much even if the U.S. job market continues to improve, St. Louis Fed President James Bullard said on Monday.

The British pound slipped to a 10-month low against the euro on Monday, as investors bet the Bank of England would keep interest rates at record lows for the coming months, while the European Central Bank moves towards tightening.

Gold prices edged lower on Monday, failing to gain support from a weaker dollar as investors digested sharp losses in the previous session and worried about further U.S. rate hikes.

The dollar edged lower on Monday, giving back some of its gains from Friday as investors consolidated bets before inflation data this week that may signal a turnaround in the currency’s weakness this year.

Oil prices edged down from nine-week highs on Monday, pressured by worries over high production from OPEC and the United States.

German industrial production unexpectedly fell for the first time this year in June, data showed on Monday, though it increased in the second quarter overall.

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Asian stocks advanced on Monday, taking their cue from Wall Street, while the dollar moderated but retained most gains made on stronger-than-expected July jobs growth and the promise of a U.S. tax plan that will repatriate corporate profits.

The dollar stood tall on Monday after an upbeat U.S. jobs report lifted it off 15-month lows, with data lined up this week seen as key to whether the greenback’s rebound could be sustained in the longer term.