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Dollar Loses Ground Against Major Counterparts
(RTTNews) - The U.S. dollar drifted lower against most of its major counterparts on Monday as traders looked ahead to inflation data that could influence the Federal Reserve's interest rate path.
Risk sentiment improved after inflation data from China stoked optimism about easing deflationary pressures in the world's second-largest economy.
The U.S. CPI is expected to have increased 3.6% in August from 3.2% in the prior month. Meanwhile, the core reading is seen softening to 4.3% from 4.7%.
This week will also see the release of key U.S. reports on producer inflation, retail sales, industrial production and consumer sentiment.
CME Group's FedWatch Tool currently indicates a 93% chance the Federal Reserve will leave interest rates later this month but a 43.4% chance of another rate hike in November.
The dollar index dropped to 104.42 before recovering some lost ground. At 104.55, the index is down 0.52% from the previous close.
Against the Euro, the dollar weakened to 1.0749 from 1.0703, and against Pound Sterling, it eased to 1.2509 from 1.2467.
The dollar is weak against the Japanese currency, fetching 146.60 yen a unit, compared to 147.82 a yen a unit on Friday.
The dollar is down sharply against the Aussie at 0.6431. Against Swiss franc, the dollar weakened to CHF 0.8909 from CHF 0.8931, and against the Loonie, it dropped to C$1.3575.
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