Dollar index lingers around 7-week low; US inflation reports in focus

The dollar index is lingering around a 7-week low on Wednesday with all eyes on US inflation reports due this week for further cues on Federal rate decision. August US Producer Price Index (PPI) is scheduled for release on Wednesday, followed by the Consumer Price Index (CPI) on Thursday. The greenback weakened following disappointing jobs data last week that fueled rising Fed rate cut expectations. US Bureau of Labor Statistics (BLS) reported that the economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, signaling a weaker labor market than previously estimated. Meanwhile, President Donald Trump has reportedly urged the European Union (EU) to impose 100% tariffs on Chinese and Indian goods in an effort to pressure Russian President Vladimir Putin. The dollar index that measures the greenback against a basket of currencies is quoting at 97.39, almost flat on the day.

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