Currency Buzz: Dollar Pulls Back Ahead Of US CPI; Euro Up 1%

12 Sep 2022 , 04:25 PM

The US dollar index fell considerably on Monday to hit a two week low as the currency stayed cautious ahead of the US inflation data due this week. The U.S. is set to release its consumer price index for August on Tuesday. The report is one of the last pieces of data on inflation the Fed will see ahead of its September meeting. The dollar index that measures the greenback against a basket of currencies was down 0.71% at 107.96. Most of the major currencies and commodities gained out of dollar weakness. Euro that carries maximum weight in the dollar basket climbed to a more than 3-week peak against the greenback. EUR/USD was seen up by 1% at $1.0139 amid dollar weakness. GBP/USD also rose to nearly 1% at $1.1677. Powered by Commodity Insights