Dollar Subdued Against Rivals Ahead Of Inflation Data
(RTTNews) - The U.S. dollar shed ground against some of its major counterparts on Tuesday, as traders looked ahead to U.S. inflation data for clues about the Federal Reserve's moves with regard to interest rates.
Data from the Labor Department tomorrow is expected to show consumer prices edged up by 0.2% in July after jumping by 1.3% in June. The annual rate of growth is expected to slow to 8.7% from a four-decade high of 9.1%.
Core consumer prices, which exclude food and energy prices, are expected to rise by 0.5% in July after climbing by 0.7% in June. Annual core consumer price growth is expected to accelerate to 6.1% from 5.9%.
The central bank is widely expected to raise interest rates by another 75 basis points at its meeting in September to fight inflation.
The dollar index, which dropped to 105.97 in the Asian session, has recovered to 106.33 but still remains below the flat line, netting a loss of about 0.1%.
Against the Euro, the dollar is at $1.0213, weakening from $1.0196.
The dollar is trading at $1.2076 against Pound Sterling, little changed from the previous close of $1.2078.
The dollar is slightly stronger against the Japanese currency, fetching 135.12 yen a unit, as against 135.02 yen on Monday.
Against the Aussie, the dollar has firmed to 0.6963 from 0.6986. The Swiss franc is stronger at 0.9538 a dollar, gaining from 0.9554. The Loonie has eased to 1.2884 a dollar from 1.2859.
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