Dollar Extends Weakness Against Major Rivals
(RTTNews) - The U.S. dollar shed ground against its major counterparts on Monday amid hopes the Federal Reserve will start reducing interest rates by the middle of 2024.
Recent data showing a bigger than expected drop in consumer price inflation, and an uptick in weekly jobless claims have raised expectations that the central bank will hold rates unchanged for now, and begin reducing rates sooner than earlier thought.
CME Group's FedWatch Tool currently indicates the Fed is likely to remain on hold until cutting rates beginning in mid-2004.
The dollar index dropped to 103.38 before recovering a bit to 103.50, but still trailed its previous close by about 0.4%.
Against the Euro, the dollar eased to 1.0942 from 1.0917, and traded at 1.2506 against Pound Sterling, sliding from 1.2462.
Against the Japanese currency, the dollar is flat at 148.38 yen. The Aussie firmed, fetching US$ 0.6556. Against Swiss franc, the dollar weakened to CHF 0.8849. Against the Loonie, the dollar settled little changed at C$1.3725.
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