The U.S. dollar is gaining at the start of the week alongside rising oil prices. Investors are now awaiting inflation data that could provide further clues about the Federal Reserve’s next monetary policy steps.
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Dollar Strengthens Against the Euro and Yen
The U.S. Dollar Index, which tracks the greenback against a basket of six major currencies, was up 0.25% at 99.79 points at around 16:15 CEST.
At the same time, the euro was down 0.1% against the dollar at $1.1549. The dollar also strengthened against the Japanese yen, gaining 0.7% to trade at 158.89 JPY.
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Investors Turn Their Attention to Inflation
Data released on Friday showed that the U.S. economy unexpectedly lost jobs in July. Authorities also sharply revised down employment gains for the previous two months, reducing expectations that the Fed could raise interest rates next month.
The weak labor market figures have increased the importance of the upcoming inflation report, Reuters noted. The U.S. Department of Labor is scheduled to release the July figures on Wednesday.
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Source: ČTK
