US Dollar Hovers Near Two Month Low Ahead of Inflation Data
2 sources across 2 countries · Indonesia · United Kingdom
Who reported this
- The Jakarta Post
- Reuters
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- Left
- Centre-left
- Centre
- Centre-right
- Right
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The US dollar remained near a two month low against major currencies on Monday as investors looked toward upcoming inflation data for signals regarding the Federal Reserve's interest rate trajectory. The dollar index stood at 99.6, which is near its lowest level since June 2. The euro rose to $1.1558, while sterling remained steady at $1.3490 and the yen held at 157.90 per dollar.
Market sentiment was influenced by recent data showing the US economy unexpectedly lost jobs in July, with previous months' gains revised lower. This cooling of the labor market reduced expectations for a Federal Reserve rate hike in September. Treasury yields also fell, with the 10 year note at 4.637 percent. Futures markets now price the chance of a September rate move at approximately 44 percent, down from 67 percent a week prior.
Investors are now awaiting core CPI data, which is expected to rise 0.2 percent month on month. Producer price data and retail sales figures are also expected later this week. Meanwhile, Brent oil futures rose 1.4 percent to about $85 per barrel due to uncertainty regarding the Strait of Hormuz. In Asia, the Australian and New Zealand dollars both slipped 0.1 percent.
How each side framed it
- Centre-left
- The reporting provided detailed technical data on currency pairs and linked the dollar's decline to specific labor market failures.
- Centre
- The reporting focused on the market position of the dollar and the anticipation of economic data.
Sources
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