U.S. Dollar Showing Modest Move Back To The Upside
(RTTNews) - After trending lower over the past few days, the value of the U.S. dollar has moved modestly higher over the course of trading on Wednesday.
The U.S. dollar index has fluctuated over the course of the day but is currently up 0.10 points or 0.1 percent at 102.84. The uptick comes after the index fell to its lowest levels in over three months.
The greenback is trading at 147.29 yen compared to the 147.48 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0974 compared to yesterday's $1.0993.
Trading activity has remained relatively subdued as traders look ahead to the release of key U.S. inflation readings on Thursday.
The Commerce Department's report on personal income and spending includes readings on inflation said to be preferred by the Fed and could impact on the outlook for interest rates.
Traders are also digesting recent conflicting remarks by Federal Reserve officials, as Fed Governor Christopher Waller said Tuesday he is "increasingly confident that policy is currently well positioned," but Fed Governor Michelle W. Bowman said she expects further rate hikes will be needed.
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