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Forex - Dollar Steady against Other Majors Ahead of U.S. Inflation Data

ForexSep 14, 2017 03:37AM ET
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© Reuters. Dollar steady ahead of U.S. inflation data

Investing.com - The dollar was steady against a basket of the other major currencies on Thursday as investor’s awaited data on U.S. consumer inflation later in the day for fresh indications on whether the Federal Reserve will hike rates again this year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 91.39 by 03:21 AM ET (07:21 GMT).

The index has risen 1.14% so far this week, rebounding from last week’s more than two-year lows amid a relief rally spurred by diminished worries over North Korea’s nuclear program and the economic impact of Hurricane Irma.

Fresh hopes for the Trump's administrations plans for a tax overhaul helped support the dollar on Wednesday.

Meanwhile, data on Wednesday showed that while U.S. producer prices rose slightly in August inflation pressures remained tepid, a potential obstacle to the Fed’s plans to raise interest rates.

The report on consumer prices later Thursday will be closely watched as the Fed considers whether to raise rates again before the years end.

The dollar dipped against the yen, with USD/JPY last at 110.36.

The euro was a touch higher, with EUR/USD at 1.1894, holding below last Friday’s two-and-a-half year highs of 1.2091.

Sterling also edged higher, with GBP/USD at 1.3222 ahead of the Bank of England’s policy meeting later in the day.

The pound retreated from one-year highs against the dollar on Wednesday after the latest UK employment report showed that wage growth remained sluggish, adding to fears over a squeeze on living standards.

With inflation outstripping pay growth the squeeze on the cost of living is getting worse, which will likely deter the BoE from raising interest rates.

The Australian dollar was higher with AUD/USD up 0.24% at 0.8004 after domestic employment data, but gains were held in check by lackluster economic data from China, one of the country’s largest trading partners.

Forex - Dollar Steady against Other Majors Ahead of U.S. Inflation Data

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