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Dollar Gains Against Major Counterparts Ahead Of Inflation Data
(RTTNews) - The U.S. dollar climbed higher on Tuesday, recovering from recent weakness, ahead of crucial economic data, including reports on consumer and producer price inflation and retail sales.
The Federal Reserve is scheduled to announce its monetary policy decision next week. The European Central Bank's policy announcement is due on Thursday.
Economists expect the annual rate of consumer price growth to accelerate to 3.6% in August from 3.2% in July, while the annual rate of core consumer price growth is expected to slow to 4.4% from 4.7%.
The inflation data could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting next week.
Ahead of the data, CME Group's FedWatch Tool is currently indicating a 93% chance the Federal Reserve will leave interest rates unchanged next week.
The outlook for November is a little more uncertain, however, with the FedWatch Tool indicating a 56.4% chance rates will remain unchanged and a 40.9% chance of another quarter point rate hike.
The dollar index, which rose to 104.92 in early New York session, dropped to 104.70, but still remained positive, netting a gain of about 0.12%.
Against the Euro, the dollar gained marginally to 1.0742, and was up against Pound Sterling at $1.2494.
The dollar is gaining at 147.04 yen, rising from 146.59 yen. Against the Aussie, the dollar has gained slightly at 0.6426. The dollar is down slightly against Swiss franc at CHF 0.8911. Against the Loonie, the dollar is weak at C$ 1.3556, firming from C$ 1.3576, as oil prices rallied on supply concerns.
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