Dollar Turns In Mixed Performance Against Major Counterparts
2024-09-05
4819
(fxcue news) - The U.S. dollar turned in a mixed performance against its major counterparts on Tuesday, as investors looked ahead to the U.S. presidential debate tonight, and the release of the data on U.S. consumer and producer price inflation later in the week.
The Labor Department's reports on consumer and producer price inflation in the month of August are due on Wednesday and Thursday, respectively.
The reports are expected to show slowdowns by the rates of consumer and producer price growth compared to the same month a year ago.
The data could impact the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting next week.
The Fed is widely expected to begin lowering interest rates next week, but there is some debate about the size of the rate cut.
CME Group's FedWatch Tool is currently indicating a 69% chance the Fed will lower rates by 25 basis points and a 31% chance of a 50 basis point rate cut.
The dollar index, which climbed to 101.77 around mid morning, dropped to 101.61, up just marginally from the previous close.
Against the Euro, the dollar firmed to 1.1024 from 1.1037. Against Pound Sterling, the dollar weakened marginally to 1.3084, and against the Japanese currency, it dropped to 142.45 yen, losing about 0.5%.
The dollar gained slightly against the Aussie, at 0.6654. The Swiss franc firmed against the greenback to CHF 0.8466, while the Loonie weakened to 1.3607 a unit of the U.S. currency.
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