Investing.com – The dollar was roughly unchanged against a basket of major currencies as data showed the trend of slowing inflation continued in August but losses in the greenback were capped by a slump in the pound after UK second-quarter economic growth undershot expectations.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.08% to 93.01.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, last month. The commerce department said Friday.
Inflation, however remained subdued, as the slowed to 1.3% in August from 1.4% in July. The core PCE is the Federal Reserve’s preferred inflation measure and has a 2 percent target.
The week inflation data weighed on the dollar, which remained on track to post a third-straight quarterly loss despite rising expectations that the Federal Reserve will hike rate later this year.
The reports come amid speculation surrounding the future of Janet Yellen’s position as Federal Reserve chair after both President Donald Trump and U.S. Treasury Secretary Steven Mnuchin reportedly met with Kevin Warsh to discuss the possibility of his nomination to .
Warsh was a Fed governor from 2006 until 2011 and was a member of former Fed chairman Ben Bernanke’s inner circle of advisers.
Weakness in the greenback, however, was capped by a slump in the pound amid weaker-than-expected UK economic growth data.
fell 0.36% to $1.3394.
rose to 0.13% to $1.1802 while rose 0.48% to 0.8811.
rose 0.29% to Y112.63 while gained 0.47% to $1.2485.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Unlike the Dollar, the Euro Could Gain on Stronger Inflation - February 17, 2018
- Forex – Dollar Fails To Avoid Weekly Loss Despite Rise From 3-Year Low - February 17, 2018
- Venezuela cryptocurrency to draw investment from Turkey, Qatar: official - February 17, 2018