Dollar Subdued Against Major Counterparts As Investors Await Key Data
2024-08-09
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(fxcue news) - The U.S. dollar remained subdued on Friday as investors assessed the prospects of interest rate cuts by the Federal Reserve in the wake of recent labor market data, and awaited consumer price and producer price inflation data due next week for further clarity on the central bank's rate trajectory.
In an interview with the Providence Journal, Boston Fed President Susan Collins said that policy easing should begin soon if inflation continues to cool.
"If the data continue the way that I expect, I do believe that it will be appropriate soon to begin adjusting policy and easing how restrictive the policy is," Collins said.
The dollar index dropped to 103.03 around mid morning, and remained weak right through the day despite recovering slightly. The index was last seen at 103.15, down from the previous close of 103.03.
Against the Euro, the dollar was up marginally at 1.0916, after moving in a very tight range along the flat line.
The dollar weakened a bit to 1.2757 against Pound Sterling. Against the Japanese currency, the dollar slipped to 146.67 yen.
Against the Aussie, the dollar firmed to 0.6572. The Swiss franc firmed to 0.8654 against the greenback. The dollar was little changed against the loonie at C$1.3734.
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