{"id":55167,"date":"2023-08-31T03:35:47","date_gmt":"2023-08-31T07:35:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-stabilizes-ahead-of-pce-inflation-data-euro-awaits-eurozone-cpi-release\/"},"modified":"2023-08-31T03:35:49","modified_gmt":"2023-08-31T07:35:49","slug":"dollar-stabilizes-ahead-of-pce-inflation-data-euro-awaits-eurozone-cpi-release","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55167","title":{"rendered":"Dollar stabilizes ahead of PCE inflation data; euro awaits eurozone CPI release"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar stabilized in early European trade Thursday, after hefty losses this week as signs of a cooling U.S. economy pointed to limited headroom for the Federal Reserve to keep raising interest rates.\u00a0<\/p>\n

At 03:10 ET (07:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 103.162, after dropping nearly 1% so far this week.<\/p>\n

Dollar weakened on soft employment data<\/strong>\u00a0<\/h2>\n

The greenback has weakened this week, pulling back from a near three-month high, on indications of cooling spending and hiring in the U.S., prompting traders to pare bets for further interest rate hikes by the Federal Reserve this year.<\/p>\n

The focus is now squarely on and data, due later in the session and then on Friday, for more cues on the U.S. economy and monetary policy.<\/p>\n

That said, the dollar is still on course for gains of around 1% in August, fuelled by an expectation that interest rates linger longer at elevated levels.<\/p>\n

\u201cSecond-tier US jobs data (JOLTS and ADP) have seen the dollar soften a little this week,\u201d said analysts at ING, in a note. \u201cHowever, the data have yet to prove the smoking gun that can mark the end of the Federal Reserve’s hawkish stance.\u201d<\/p>\n

\u201cStronger trends will only start to develop should we see a large downside miss on tomorrow’s release of the August NFP jobs data or a sharp rise in the unemployment rate. That would undermine the thesis that strong employment consumption can keep the Fed in hawkish mode for a lot longer than most think,\u201d ING added.<\/p>\n

Euro slips ahead of eurozone CPI release<\/strong><\/h2>\n

fell 0.2% to 1.0903, after gaining 0.4% on Wednesday when higher-than-expected inflation numbers in and raised the pressure on the European Central Bank to keep lifting interest rates.<\/p>\n

The is expected to rise 5.1% on an annual basis in August, a slight cooling from July\u2019s 5.3%, but Wednesday\u2019s data pointed to potential upside.\u00a0<\/p>\n

Meanwhile, slumped 0.8% on the month in July, an annual drop of 2.2%, data showed earlier Thursday, illustrating the damage the ECB\u2019s aggressive monetary policy tightening was having on the region\u2019s largest economy.\u00a0<\/p>\n

Yuan slips after Chinese PMI releases<\/strong><\/h2>\n

Elsewhere, rose 0.1% to 7.2898 after PMI data released earlier Thursday showed that China\u2019s contracted for a fifth straight month in August, albeit at a smaller-than-expected pace, while missed expectations.<\/p>\n

The readings presented little improvement in Asia\u2019s largest economy, as it grapples with slowing demand and a potential real estate crisis.\u00a0<\/p>\n

fell 0.1% to 1.2706, after gaining overnight as the dollar weakened, while fell 0.2% to 145.91, with the yen buoyed by stronger-than-expected data for July, although shrank more than expected.\u00a0\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

Investing.com – The U.S. dollar stabilized in early European trade Thursday, after hefty losses this week as signs of a cooling U.S. economy pointed to limited headroom for the Federal Reserve to keep raising interest rates.\u00a0 At 03:10 ET (07:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, […]<\/p>\n","protected":false},"author":1,"featured_media":55168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-55167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar stabilizes ahead of PCE inflation data; euro awaits eurozone CPI release | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar stabilized in early European trade Thursday, after hefty losses this week as signs of a cooling U.S. economy pointed to\" \/>\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=55167\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar stabilizes ahead of PCE inflation data; 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