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Dollar Extends Weakness Against Rivals Ahead Of Inflation Data
(RTTNews) - The U.S. dollar drifted lower against most of its major counterparts on Monday, extending its slide from the previous session, weighed down by very hawkish comments from the European Central Bank.
The ECB, which hiked its lending rate by a whopping 0.75% on Friday, signaled further aggressive hikes in the coming months to rein in inflation.
Also, traders appear to be expecting U.S. inflation data to be a bit soft. The data, due tomorrow, is expected to show a continued slowdown in the annual rate of consumer price growth to 8.1% in August from 8.5% in July.
The dollar index, which dropped to 107.81 in the Asian session, regained some of the lost ground subsequently, but remains weak at 108.31, down 0.65% from the previous close.
Against the Euro, the dollar is trading at 1.0122, weakening from 1.0047.
The dollar is trading at 1.1679 against Pound Sterling, down nearly 0.8% from the previous close of 1.1588.
Against the Japanese currency, the dollar is stronger, fetching 142.83 yen a unit compared with 142.58 yen on Friday.
The dollar is weak against the Aussie at 0.6887. Against Swiss franc, the dollar has weakened to CHF 0.9541 from CHF 0.9601, while against the Loonie, it has dropped to C$1.2985 from C$1.3031.
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