Dollar flat ahead of release of Fed minutes, PPI data
Investing.com - The U.S. dollar traded largely unchanged in early European hours Wednesday, adopting something of a holding pattern ahead of the release of key inflation data as well as the minutes from the last Federal Reserve meeting.
At 03:20 ET , the Dollar Index, which tracks the greenback against a basket of six other currencies, traded flat at 105.557, near a two-week low.The dollar has largely been on the backfoot of late, despite the increased geopolitical uncertainty caused by the weekend’s attack by the Palestinian group Hamas on Israel, as dovish comments from a few Federal Reserve officials have fueled hopes the U.S. central bank is nearing the end of its interest rate increases.
This followed several Fed officials noting that recent rises in longer-term yields may help do the central bank’s work of tightening financial conditions to tackle inflation, meaning fewer interest rate hikes.from the Fed's September meeting are due later in the session, and traders will be studying them to see if they back up this more dovish shift.However, these views will only hold weight if inflation continues to show signs of calming.expected to rise 1.6% for the year, and 0.
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