Dollar Subdued Against Major Rivals
(RTTNews) - The U.S. dollar retreated from 12-week highs, and stayed largely weak against its major counterparts on Monday with investors assessing the prospects for interest rate after Fed Chair Jerome Powell's speech at Jackson Hole last week, and the most recent economic data.
Investors also await a slew of crucial economic data, including the non-farm payrolls report, PCE price Index, and manufacturing activity data, due later in the week.
The CME Group's FedWatch Tool shows that markets are pricing in an 80.5% chance that the Federal Reserve will keep interest rates unchanged at its meeting in September. This is the lowest number in weeks as markets start to consider the possibility of another rate hike.
The dollar index, which dropped to 103.98 in the Asian session, recovered to 104.17 during the European session, but eased to 104.00 later on in the day, posting a marginal loss.
Against the Euro, the dollar weakened to 1.0818 from 1.0796. Against Pound Sterling, the dollar is down at 1.2601, easing from 1.2579.
The dollar is up marginally against the Japanese currency, fetching 146.53 yen a unit. Against the Aussie, the dollar is weak at 0.6426, and against Swiss franc, the dollar is down slightly at CHF 0.8839.
The dollar is roughly flat against the Loonie at C$1.3601 after having firmed to 1.3571 a dollar earlier in the day.
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