Dollar index near 7-week low amid rate cut bets; US PPI and CPI eyed
Dollar index extends downside to a near seven week low on Tuesday morning in Asia amid rising expectations of a September Federal rate cut that is pushing down the dollar. The dollar index is seen edging lower since Fridays weak US jobs report and is linger under 98 mark. Investors are now awaiting the US PPI and CPI data, due later this week, which could provide further guidance on the Feds next steps. The dollar index that measures the greenback against a basket of currencies is quoting at 97.23, down 0.17% on the day. Among basket currencies, EURUSD and GBPUSD are quoting slightly higher in tune with loses in the greenback at $1.1782 and $1.3583 respectively.
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