The dollar index is attempting recovery from a near seven-week low on Thursday morning in Asia with all eyes on August US consumer inflation data due for the day for further cues on Federal rate decision. Data yesterday showed US Producer Prices rose less than expected in August, reinforcing the view that the US central bank will deliver rate cuts at its upcoming policy meeting. US PPI declined by 0.1% on month in August, compared to the 0.7% increase (revised from 0.9%) in the previous reading. Core PPI which excludes food and energy prices, declined by 0.1% on a monthly basis in August. Meanwhile, escalating geopolitical tensions in Europe and the Middle East are boosting safe-haven flows in dollar. The dollar index that measures the greenback against a basket of currencies is quoting at 97.53, up 0.18% on the day.
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