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Forex

US Dollar Index Stabilizes Near 98.95 Amid Inflation Data Releases

Guavy AI Editorial Team
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USD
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The US Dollar Index has stabilized below its 61.8% Fibonacci retracement at 99.21, currently trading near 98.95 after recovering from early losses.

According to Commerzbank, the stronger-than-expected US employment report revived expectations for a September Federal Reserve rate hike, with Fed funds futures increasing the probability of a 25bp hike on 16 September to 62% compared with 51% before the employment report.

This week's major triggers for the US Dollar will be the US Producer Price Index (PPI) and the Consumer Price Index (CPI) data for August, which will be released on Thursday and Friday, respectively.

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