The U.S. dollar was struggling to make headway against its peers on Monday, though it traded in a tight range as investors awaited fresh catalysts this week that could offer clues on the outlook for U.S. interest rates.
Minutes of the Federal Reserve’s July policy meeting and a speech from Chair Jerome Powell at Jackson Hole are likely to be the main drivers of currency movement this week, which will also see inflation data from Canada and Japan alongside Purchasing Managers’ Index readings across the U.S., euro zone and UK.
The euro last bought $1.1026 while sterling rose to a one-month high of $1.2950 in an otherwise muted start to the Asian trading session, as bets for an imminent start to the Fed’s easing cycle pressured the dollar.
Against a basket of currencies, the greenback fell 0.06% to 102.40 .
The Japanese currency was last 0.2% lower at 147.93 a dollar, having fallen some 4% from a seven-month high at the start of the month.
The Aussie has been drawing support from a still-hawkish Reserve Bank of Australia after Governor Michele Bullock on Friday said it was premature to be thinking about rate cuts.
Source : Reuters
