Dollar Rebounds
2024-08-25
4771
(fxcue news) - The U.S. dollar firmed against its major counterparts on Wednesday, recovering smartly from recent losses, as traders awaited some key economic data such as inflation report from eurozone, U.S. personal income and spending data, which includes readings on inflation said to be preferred by the Federal Reserve.
Economists currently expect the annual rate of consumer price growth to inch up to 2.6% in July from 2.5% in June, while the annual rate of core consumer price is expected to tick up to 2.7% in July from 2.6% in June.
While the data is not likely to affect optimism the Fed will lower rates next month, it could impact expectations for how quickly the central bank cuts rates.
The dollar index climbed to 101.18 in the New York session, and despite easing a bit to 101.09 later on, remained well above the flat line, gaining about 0.54%.
Against the Euro, the dollar strengthened to 1.1119 from 1.1186. Against Pound Sterling, the dollar firmed to 1.3189, gaining from 1.3260.
The dollar climbed higher against the Japanese currency, fetching 144.59 yen a unit, compared to 143.95 yen on Tuesday. Against the Aussie, the dollar edged up a bit to 0.6784.
The greenback gained marginally against Swiss franc at CHF 0.8424. Against the Loonie, it strengthened to C$ 1.3481 from C$ 1.3444.
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