Dollar stabilizes as yen weakens amid awaited US inflation data

9/11/2024 6:13:48 AM

(MENAFN) In early Tuesday trading, the U.S. dollar remained steady while the Japanese yen experienced a slight decline from a one-month peak as investors exercised caution ahead of upcoming U.S. inflation data. Market participants are closely watching the U.S. Consumer Price Index report for insights into whether the Federal Reserve will implement a substantial interest rate cut during its monetary policy meeting scheduled for September 17-18. Recent mixed signals from the U.S. jobs report have left uncertainty regarding whether the Fed will opt for a 25 or 50 basis point reduction.

The dollar traded around 143.10 yen, showing minimal movement but holding above a one-month low of 141.75 yen reached on Friday. The dollar had fallen 2.7 percent against the yen in the previous week. The dollar index, which tracks the U.S. currency against a basket of six major rivals, stood at 101.61, reflecting a 0.4 percent increase from Monday. The euro was priced at USD1.1039, having decreased by about 0.5 percent the previous day, while the British pound was trading at USD1.307 after nearing a three-week low of USD1.3058. In the commodity currency space, the Australian dollar was valued at 0.66655 USD, recovering slightly from a three-week low of 0.66445 USD, while the New Zealand dollar remained near its own three-week low at USD0.6148.

MENAFN11092024000045015682ID1108661359

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.