Dollar index near one-week low; US inflation in focus

The dollar index stays perched below 99 mark, a near one-week low amid cautious moves ahead of US inflation print due later in the day. Meanwhile downside for the dollar is seen limited on hopes of a positive outcome from US-China trade talks. US Commerce Secretary Howard Lutnick reportedly acknowledged the progress made in the trade talks, calling the new framework an important first step. He noted that clearing up tensions with China was necessary to move forward. According to Lutnick, the agreement reached with China in London includes a plan that could help resolve issues related to restrictions on rare earths and magnets. The dollar index that measures the greenback against a basket of currencies is quoting at 98.63, down 0.43% on the day. Meanwhile, among basket currencies, EURUSD and GBPUSD are trading at marginally lower at $1.1423 and $1.3485 respectively.

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