The U.S. dollar edged higher in early European trade Wednesday, stabilizing after the previous session’s sharp declines as investors look for clues on the path for Federal Reserve policy.<\/p>\n
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At 03:00 ET (07:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 103.525, rebounding after dropping 0.4% the previous session, its worst day in a month and a half.<\/p>\n
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The greenback slumped on Tuesday, pulling back sharply from a near three-month high, as markets bet after the release of data showing\u00a0JOLTS job openings<\/a><\/span>\u00a0fell to a 2-1\/2 year low in July, prompting traders to pare bets for further interest rate hikes by the Federal Reserve this year.<\/p>\n \n The\u00a0Fed<\/a><\/span>\u00a0is widely expected to pause on another interest rate hike next month, but Chair\u00a0Jerome Powell<\/a><\/span>\u00a0said at the end of last week that the central bank officials stand ready to raise rates further as required depending on the economic data.<\/p>\n \n \u201cWe will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data,” Powell stated.<\/p>\n \n There is more U.S. labor data to digest later Wednesday, in the form of\u00a0ADP private payrolls<\/a><\/span>, while the second reading of the latest\u00a0GDP<\/a><\/span>\u00a0data is expected to show that the U.S. economy grew 2.4% in the second quarter, an improvement from 2.0% the prior quarter.<\/p>\n \n EUR\/USD<\/a><\/span>\u00a0fell 0.1% to 1.0873, handing back some of the 0.6% overnight rally, after\u00a0German import prices<\/a><\/span>\u00a0fell by 13.2% year on year in July, the sharpest drop since January 1987.<\/p>\n \n Germany is set to publish preliminary inflation data for August later Wednesday, and its\u00a0annual inflation rate<\/a><\/span>\u00a0is expected to fall to 6.0% from 6.2% in the previous month.<\/p>\n \n This would still be higher than the annual inflation figure for the wider eurozone, which is expected to show a small drop to 5.1% from 5.3% in July. However, the falling import prices point to the likelihood of sharp falls in the German inflation data.<\/p>\n \n Elsewhere,\u00a0GBP\/USD<\/a><\/span>\u00a0fell 0.1% to 1.2633, with sterling struggling after property website Zoopla forecast that the number of house purchases in Britain this year is on course to drop by 21% to its lowest since 2012 as a result of rising borrowing costs.<\/p>\n \n USD\/JPY<\/a><\/span>\u00a0rose 0.3% to 146.36, having surged to a 10-month peak at 147.375 on Tuesday, before retreating on the JOLTS report. These levels prompted yen buying intervention by Japanese officials last autumn.<\/p>\n \n AUD\/USD<\/a><\/span>\u00a0fell 0.2% to 0.6467 after\u00a0consumer price index<\/a><\/span>\u00a0inflation data read weaker than expected for July, while\u00a0USD\/CNY<\/a><\/span>\u00a0rose 0.2% to 7.2917 ahead of the release of key\u00a0purchasing managers\u2019 index<\/a><\/span>\u00a0data on Thursday.<\/p>\n \n Source: https:\/\/www.investing.com\/news\/forex-news\/dollar-stabilizes-after-weak-jolts-data-adp-payrolls-due-3163961<\/p>\n","protected":false},"excerpt":{"rendered":" The U.S. dollar edged higher in early European trade Wednesday, stabilizing after the previous session’s sharp declines as investors look for clues on the path for Federal Reserve policy. At 03:00 ET (07:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 103.525, rebounding after […]<\/p>\n","protected":false},"author":1,"featured_media":846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpautop"],"translation":{"provider":"WPGlobus","version":"2.10.10","language":"sv","enabled_languages":["en","nl","es","sv","fr"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"nl":{"title":false,"content":false,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"sv":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"\r\n<\/h2>\n
Euro slips as German import prices fall<\/strong><\/h2>\n