The Standard & Poor's 500 Index rose this month, and the dollar may end up selling at the end of the month.

Analysts from overseas institutions on Monday (January 30) said that the S&P 500 index rose in January, meaning that investors holding dollar assets saw their asset appreciation.

In order to ensure that these positions are still properly hedged, this may translate into some dollar selling pressure at the end of Tuesday (January 31).

Tokyo Mitsubishi UFJ believes that the weaker US dollar is partly due to disappointing U.S. data and, on the other hand, to the Fed’s statement that it has promised to keep interest rates at an ultra-low level at least until 2014. The bank pointed out that the Fed has maintained longer interest rates than market expectations, and this view is also supported by US economic data. The US fourth-quarter GDP data released on Friday (January 27) was not satisfactory.

The Federal Reserve (FED) said last Wednesday (January 25th) that it will not raise interest rates at least until the end of 2014 to support the sluggish economic recovery, far behind investor expectations; in addition, the Federal Reserve keeps the federal funds rate at 0-0.25. %constant.

Shanghai 1-bank trader said that the low interest rate outlook to suppress the overseas dollar weakened during the Spring Festival. The rise in the RMB market against the US dollar in the inquiry market today is expected.

Mitsubishi UFJ Bank expects that there will be more data to prove that investors' optimism about US economic growth expectations has been overdone.

The most important economic data will be announced this Friday (February 3): US non-farm payrolls data for January will be the biggest focus of the money market this week.

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