Forex

Dollar slips ahead of US inflation data

2019-08-13 13:05:34 GMT (Economies.com)

US dollar fell in the European market today against a basket of currencies, resuming losses for the third day, on investors' risk aversion, due to global political turmoil concerns, ahead of the release of key US inflation data, which provides strong evidence about the possibility of US rate cuts this year.

 

Dollar fell by 0.1% to 97.36 points, from the opening of 97.48, with a high of 97.64.

 

Dollar shed 0.2% yesterday, its second daily loss in a row, as investors continued to focus on buying low-yielding currencies.

 

Dollar shed 1.1% last week, its first weekly loss in a month, due to risk aversion and US Treasury yields dropping.

 

Hong Kong's protests strikes and protests, led to the close of one of the world's largest airports for air cargo, while The Italian Senate is scheduled to meet today to determine the date for widrawing confidence from the government, and in Argentina, President Mauricio Macri unexpectedly lost in the presidential primary elections.

 

These events have fueled investors' concerns about the global policy situation and risk aversion in high-yielding assets, which is now reflected in the sharp downturn that dominates global stocks markets.

 

Investors are anticipating key US inflation data for July, which provides strong evidence on US Fed's rates cuts for this year.

 

By 12:30 GMT, the US monthly CPI reading is expected to grow by 0.3% vs. 0.1% in June, while the annual CPI reading may grow by 1.7% vs. 1.6%.

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