{"id":46657,"date":"2023-08-10T05:09:23","date_gmt":"2023-08-10T09:09:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-slips-lower-ahead-of-inflation-release-euro-gains\/"},"modified":"2023-08-10T05:09:24","modified_gmt":"2023-08-10T09:09:24","slug":"dollar-slips-lower-ahead-of-inflation-release-euro-gains","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46657","title":{"rendered":"Dollar slips lower ahead of inflation release; euro gains"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar edged lower in early European trade Thursday ahead of a key U.S. inflation release, while the euro rebounded after weakness inspired by Italian banking woes.<\/p>\n

At 03:15 ET (07:15 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 102.245 but remains on course for a fourth straight weekly gain.\u00a0<\/p>\n

Dollar slips ahead of U.S. CPI release<\/strong><\/h2>\n

The dollar remains near five-week highs, but traders have banked some recent gains ahead of the release of the latest U.S. consumer price index reading.<\/p>\n

The headline is forecast to pick up slightly in July to 3.3%, while the rate, which excludes volatile food and energy prices, is forecast to climb 4.8% on an annual basis.<\/p>\n

The next meets in September and a subdued\u00a0inflation release could cement expectations that the policymakers will agree to end its interest rate hikes.<\/p>\n

Fed policymakers have hinted at this earlier this week, with Philadelphia Fed President suggesting interest rates are high enough already, echoing the view of Atlanta Fed President .<\/p>\n

Euro helped by Italian tax clarification<\/strong><\/h2>\n

rose 0.2% to 1.0999, helped by improved risk sentiment after the Italian government clarified its stance on a windfall bank tax, saying it would not amount to more than 0.1% of their total assets.<\/p>\n

\u201cThis is one interesting thread to monitor, should the Italian government’s decision fuel a bank profit windfall tax debate in other countries, and\/or whether banks will pre-empt facing new taxation by raising deposit rates,\u201d said analysts at ING, in a note.<\/p>\n

\u201cThe implications can be non-negligible from a monetary policy transmission perspective and for the euro. In the near term, the relevance of relative equity performance for EUR\/USD should keep it quite sensitive to the matter.\u201d<\/p>\n

Yen close to one-month low<\/strong><\/h2>\n

Elsewhere, gained 0.1% to 1.2732, while rose 0.2% to 143.95, with the yen near a one-month low, even as data showed that rose slightly more than expected in the 12 months to July.<\/p>\n

The yen remains pressured by expectations that the Bank of Japan will be slow to exit stimulus, even with the Federal Reserve close to ending its rate-hiking cycle.<\/p>\n

fell 0.1% to 7.2054 after the People\u2019s Bank of China set a stronger-than-expected daily midpoint. Media reports also suggested that the Chinese government had begun selling dollars on the open market to buoy the yuan this week.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The U.S. dollar edged lower in early European trade Thursday ahead of a key U.S. inflation release, while the euro rebounded after weakness inspired by Italian banking woes. At 03:15 ET (07:15 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 102.245 but remains […]<\/p>\n","protected":false},"author":1,"featured_media":7161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-46657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar slips lower ahead of inflation release; euro gains | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar edged lower in early European trade Thursday ahead of a key U.S. inflation release, while the euro rebounded after\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=46657\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar slips lower ahead of inflation release; 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