{"id":54241,"date":"2023-08-29T03:30:00","date_gmt":"2023-08-29T07:30:00","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-edges-lower-ahead-of-hefty-data-dump\/"},"modified":"2023-08-29T03:30:03","modified_gmt":"2023-08-29T07:30:03","slug":"dollar-edges-lower-ahead-of-hefty-data-dump","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54241","title":{"rendered":"Dollar edges lower ahead of hefty data dump"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar edged lower in early European trade Tuesday, retreating from near three-month highs ahead of the release of a slew of key economic data this week.\u00a0<\/p>\n

At 03:10 ET (07:10 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 103.907, after slipping 0.2% on Monday.<\/p>\n

Dollar slips ahead of data dump<\/strong>\u00a0<\/h2>\n

Traders appear to have decided to book some gains at the start of a week that includes the release of several key economic data points, culminating on Friday with the widely-watched monthly employment report.<\/p>\n

U.S. data are due later on Tuesday, while a revised reading on second-quarter is due on Wednesday. Readings on , the Federal Reserve\u2019s preferred inflation gauge, are due on Thursday, while August are set to close out the week.\u00a0<\/p>\n

Any signs of resilience in the U.S. economy, particularly regarding inflation and employment, will provide the Fed with more impetus to keep raising interest rates.<\/p>\n

Powell helps greenback with hawkish tone<\/strong><\/h2>\n

That said, the dollar remains over 2% this month and is coming off a run of six straight weeks of gains as resilient U.S. economic data bolstered expectations that rates may stay higher for longer.<\/p>\n

Fed chair Jerome Powell added to these expectations with his comments at the Jackson Hole symposium last week, suggesting further increases may be needed to cool still-too-high inflation.<\/p>\n

\u201cWe will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data,” Powell stated.<\/p>\n

The Fed next meets in September, and while it is not expected to raise rates then, expectations are rising that the U.S. central bank will raise interest rates in November.<\/p>\n

Euro slips as German sentiment slips<\/strong><\/h2>\n

fell 0.1% to 1.0811, with seen falling in September, as the GfK’s consumer sentiment index fell to -25.5 from a slightly revised -24.6 in August, as persistently high inflation weighs.<\/p>\n

“The chances that consumer sentiment can sustainably recover before the end of this year are dwindling more and more,” said GfK consumer expert Ralf Buerkl.\u00a0<\/p>\n

European Central Bank president on Friday called for higher-for-longer interest rates to achieve the central bank’s key objective of bringing inflation back to its 2% target.<\/p>\n

The August release of is due later in the week, and the annual figure is expected to show a small drop to 5.1% from 5.3% in July, still well ahead of the central bank’s 2% target.<\/p>\n

Elsewhere, rose 0.1% to 1.2614, moving off two-month lows from last week, fell 0.1% to 146.44, close to a 10-month high, rose 0.2% to 0.6444, while traded flat at 7.2903.<\/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 Tuesday, retreating from near three-month highs ahead of the release of a slew of key economic data this week.\u00a0 At 03:10 ET (07:10 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 103.907, after slipping […]<\/p>\n","protected":false},"author":1,"featured_media":54242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-54241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar edges lower ahead of hefty data dump | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar edged lower in early European trade Tuesday, retreating from near three-month highs ahead of the release of a slew of key\" \/>\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=54241\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar edges lower ahead of hefty data dump | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com - 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