Dollar index continues to stay pressured amid rising prospects of Federal rate cut

The dollar index continues to linger around a two and half week low on Wednesday morning in Asia amid increased prospects of a Federal rate cut. Data released on Tuesday showed cooler-than-expected inflation in the United States (US). The annual rate of growth by consumer prices in July was unchanged from the previous month at 2.7 percent. Moreover, concerns over the US central banks independence amid reports that President Donald Trump was considering a lawsuit against Fed Chair Jerome Powell about his management of renovations at the Fed's Washington headquarters continues to weigh on the dollar. The dollar index that measures the greenback against a basket of currencies is quoting at 97.87, down 0.06% on the day.

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