The U.S. dollar traded near a two-month peak against major peers on Thursday as markets grew more confident about a patient approach from the Federal Reserve to further monetary easing, even as a key inflation report loomed later in the day.
The U.S. dollar traded near a two-month peak against major peers on Thursday as markets grew more confident about a patient approach from the Federal Reserve to further monetary easing, even as a key inflation report loomed later in the day.
The dollar index , which measures the currency against six key rivals, was steady after climbing to the highest since Aug. 16 overnight, as traders further pared bets for U.S. interest rate cuts this year in the wake of last week's unexpectedly strong payrolls data.
September's consumer price index, due at 1230 GMT, is likely to show core inflation holding steady at a 3.2% year-on-year clip, according to economists polled by Reuters.
The euro languished near its lowest since Aug. 13, while against the yen, the dollar hovered close to its strongest level since Aug. 15.
The "U.S. exceptionalism trade" has reignited on the back of the spate of strong jobs data recently, said Kyle Rodda, senior financial markets analyst at Capital.com, with minutes from the Fed's latest meeting — released overnight — confirming the central bank's focus on keeping the labor market healthy.
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