Dollar Turns In Mixed Performance Ahead Of Crucial Economic Data
(RTTNews) - The U.S. dollar turned in a mixed performance on Monday as investors awaited key economic data including reports on U.S. inflation and GDP this week.
The Labor Department is scheduled to release reports on producer and consumer price inflation on Tuesday and Wednesday, respectively, with the data likely to impact the outlook for interest rates.
The reports are expected to show a slowdown in the annual rate of price growth, which could provide further impetus for the Federal Reserve to lower rates.
The Fed is widely expected to cut interest rates next month, with CME Group's FedWatch Tool currently indicating a split regarding the probability of a quarter or half point rate cut.
In light of recent concerns about the outlook for the economy, traders are also likely to keep a close eye on reports on retail sales and industrial production.
The dollar index, which climbed to 103.31 around mid morning, dropped to 103.09 by noon, and despite recovering to around 103.25 subsequently, retreated to 103.17, up just marginally from the previous close.
Against the Euro, the dollar weakened to 1.0932, and against Pound Sterling was down slightly at 1.2764.
The dollar firmed against the Japanese currency, fetching 147.25 yen a unit, compared to 146.62 yen on Friday. Against the Aussie, the dollar weakened to 0.6587.
The dollar was down slightly against Swiss franc at CHF 0.8652, and against the Loonie, the dollar firmed to C$ 1.3746.
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