The dollar edged broadly lower on Tuesday but traded in a narrow range, as investors remained cautious ahead of key U.S. inflation data due later in the day.
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The dollar edged broadly lower on Tuesday but traded in a narrow range, as investors remained cautious ahead of key U.S. inflation data due later in the day just as theThe U.S. Labor Department's CPI report is expected to show that inflation cooled slightly in May, which could give the Fed room to pause its aggressive rate-hike cycle when it announces its interest rate decision on Wednesday.
Those expectations kept risk sentiment buoyant, pinning the U.S. dollar near multi-week lows against the risk-sensitive Australia and New Zealand dollars.was last 0.04% higher at $0.6753, after hitting a one-month top of $0.6774 in the previous session."If inflation is above the consensus, then I think the market could put in a greater chance of a Fed rate hike this week," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia.
" I think the Fed's probably not going to hike ... and they'll sound a bit dovish, and that's going to push the U.S. dollar back down again."
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