Dollar Index Fades as Eurozone Inflation Data Takes Center Stage
The first trading day of September was marked by relatively subdued activity in financial markets as investors shifted their focus to key inflation and economic data releases from the Eurozone and US.
The US Dollar Index closed in negative territory on Monday, erasing a small portion of its previous week's gains. US Treasury Secretary Scott Bessent said core inflation has remained 'very restrained' and argued that interest rates shouldn't be raised into a supply shock.
US President Donald Trump weighed in, stating that interest rates are too high and expressing his respect for Fed Chair Kevin Warsh. The USD Index clings to marginal gains at around 99.50 in the European morning on Tuesday.
The day's economic calendar features JOLTS Job Openings data for July and the Institute for Supply Management's Manufacturing Purchasing Managers' Index (PMI) report for August.