SINGAPORE : 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 the Federal Reserve kicks off its two-day monetary policy meeting.The U.S. Labor Department's CPI report is expected to show that
SINGAPORE : 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 the Federal Reserve kicks off its two-day monetary policy meeting.
Those expectations kept risk sentiment buoyant, pinning the U.S. dollar near multi-week lows against the risk-sensitive Australia and New Zealand dollars. Elsewhere, sterling rose 0.07 per cent to $1.2520, after scaling a one-month peak of $1.2600 on Monday on hawkish comments by Bank of England policymakers, who said interest rates may have further to rise as inflation remains sticky.
"It is widely assumed that the ECB is closing in on the end of its rate hiking cycle meaning that the market will be trying to evaluate not just how high rates will go, but how long they will remain at their peak."The U.S. dollar index edged marginally higher to 103.59, after falling to 103.24 on Monday, its lowest since May 23.
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