Dollar Extends Losses Against Major Rivals
(RTTNews) - The U.S. dollar traded weak on Monday, extending losses from the previous session, with traders looking ahead to some crucial data, including the inflation numbers.
The annual rate of growth by core consumer prices, which exclude food and energy prices, is expected to slow to 5% from 5.3%.
Ahead of the inflation data, CME Group's FedWatch Tool is indicating a 92.4% chance of another quarter point rate hike at the next Fed meeting later this month.
In U.S. economic news, the Commerce Department released a report showing wholesale inventories were roughly flat in the month of May.
The Commerce Department said wholesale inventories were virtually unchanged in May after falling by a revised 0.3% in April.
Economists had expected wholesale inventories to edge down by 0.1%, matching the dip originally reported for the previous month.
The dollar index dropped to 101.95, losing about 0.31% from the previous closing value of 102.27.
Against the Euro, the dollar weakened to 1.1003 from 1.0970. The dollar slipped to 1.2860 against Pound Sterling, and against the Japanese currency, dropped to 142.31 yen from around 142.10 yen.
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