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Dollar inches higher as investors weigh softer US PCE data
The US Dollar Index holds near 101.50 as investors adjust expectations for additional Federal Reserve tightening after August PCE came in softer than expected.
The US dollar is trading with marginal gains, after pulling back from daily highs near 101.50 as investors digested softer-than-expected August PCE data and scaled back some expectations for additional Federal Reserve tightening in coming months, FXStreet reports.
The US Dollar Index has revisited the 101.50 area, supported by a rise in US Treasury yields, while the outlook for extra Fed tightening has lost momentum. FXStreet also points to a busy calendar with upcoming Initial Jobless Claims and ISM Manufacturing data, plus several Federal Reserve speakers.
In the major currency pairs, EUR/USD kept its bearish bias, quickly reversing an early move toward 1.1380 and returning to the 1.1340 to 1.1330 band, while GBP/USD regained some composure and briefly moved back above 1.3300. FXStreet said Germany and the euro area will publish final manufacturing PMI and unemployment data, and the ECB’s Lagarde and others are scheduled to speak.
Latest closeEUR/USD 1.137 ▼0.1%|GBP/USD 1.325 ▲0.1%|Dollar index 101.25 ▲0.3%