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U.S. Dollar Gives Back Ground As Inflation Data Looms
(RTTNews) - After moving to the upside during yesterday's trading, the value of the U.S. dollar has given back ground during trading on Tuesday.
Currently, the U.S. dollar index is trading at 102.15, down 0.43 points or 0.4 percent. Against the euro, the dollar is valued at $1.0915 compared to yesterday's $1.0859.
Meanwhile, the greenback is trading at 133.77 yen compared to the 133.61 yen it fetched at the close of New York trading on Monday.
The pullback by the dollar comes as traders look ahead to the tomorrow's Labor Department report on consumer price inflation in the month of March, which could have a significant impact on the outlook for interest rates.
Economists currently expect consumer prices to rise by 0.3 percent in March, while the annual rate of growth is expected to slow to 5.2 percent from 6.0 percent.
Core consumer prices, which exclude food and energy prices, are expected to climb by 0.4 percent in March, although the year-over-year growth is expected to accelerate to 5.6 percent from 5.5 percent.
Ahead of the report, CME Group's FedWatch Tool is currently indicating a 66.5 percent chance the Federal Reserve will raise rates by a quarter point next month.
Reports on produce price inflation, retail sales and industrial production are also likely to attract attention in the coming days.
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