Dollar sink to 1-week trough ahead of key inflation data

Economies.com
2019-10-10 12:07PM UTC

US dollar fell against most of its major counterparts today, to continue its drop for the second day to hit a 1-week low, as the US Fed meeting minutes increased the market bets that the US Fed would cut rates for the third time during this year, ahead of key inflation data releases by the US later today.

 

The dollar index fell by 0.4% to 98.66 points (lowest since October 3rd), from the opening of 98.98, with an intraday high of 99.07 points.

 

US dollar shed 0.1% yesterday, its first daily loss in the last 3 days, as sell-off accelerated on the greenback.

 

After the US Federal Reserve revealed yesterday its September meeting minutes, the market bets increased on a US rate cut for the third time this year, amid the rising risk such as the slowdown in economic growth the impact of the trade war with China, in addition to the UK exit from the EU.

 

Additionally, investors are anticipating today the release of consumer prices during September for more proof on these odds, while in case of the data showed poor performance the odds for the rate cut will increase and the US dollar will suffer more sharp losses.

 

At 12:30 GMT, the US economy is due to release its readings for the consumer price index, with forecasts of the annual reading to show growth by 1.7% in August and the monthly reading to hold at 0.1% unchanged from the previous reading.

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