Dollar edges higher ahead of key data; euro weakens on German inflation
Investing.com - The U.S. dollar edged higher Thursday, bouncing off recent lows ahead of a series of key economic readings, while the euro retreated.
However, the U.S. currency remains under pressure given the prospect of lower U.S. rates next month, with the Federal Reserve set to reverse its aggressive tightening cycle which had supported the greenback for most of the last two years. The inflation rate in North Rhine-Westphalia, Germany's most populous state, fell to 1.7% in August from 2.3% in July, and there were similar falls in the other states.data release, on Friday, which is expected to fall to 2.2% in August, down from 2.6% in the previous month.started cutting interest rates in June, and a sharp drop in inflation is likely to prompt policymakers to cut once more next month.
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