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Dollar Stays Weak Against Major Rivals Ahead Of Key Data
(RTTNews) - The U.S. dollar drifted lower against its major rivals on Tuesday amid expectations the Federal Reserve is done rising rates.
Traders are awaiting U.S. personal income and spending data, which includes readings on inflation said to be preferred by the Federal Bank.
Data on jobless claims, pending home sales and manufacturing activity are also due this week. The central bank's Beige Book, and a speech by Fed Chair Jerome Powell are also awaited.
In economic news today, the Conference Board released a report showing a rebound in U.S. consumer confidence in the month of November.
The Conference Board said its consumer confidence index rose to 102.0 in November from a downwardly revised 99.1 in October. The increase came following three straight monthly declines.
Economists had expected the consumer confidence index to edge down to 101.5 from the 102.6 originally reported for the previous month.
The dollar index, which dropped to 102.61, recovered to 102.79, but still remained weak, losing about 0.4% from the previous close.
Against the Euro, the dollar weakened to 1.0990 from 1.0954. The dollar is weak against Pound Sterling, at 1.2691, easing from 1.2627. Against the Japanese currency, the dollar has eased to 147.47 yen from 148.69 yen.
The dollar is trading at 0.6648 against the Aussie, down from Monday's close of 0.6608. Against Swiss franc, the dollar is down, fetching CHF 0.8782, and against the Loonie it is down at C$1.3577.
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