Dollar remains moderately higher ahead of U.S. data
Investing.com – The U.S. dollar held onto gains against other major currencies on Tuesday, as investors awaited a highly-anticipated report on U.S. inflation due later in the day.
The dollar initially strengthened after the Labor Department reported on Friday that the U.S. economy added last month, beating economists’ forecasts of 200,000. It was the largest monthly increase in one-and-a-half years.
However the report also showed that average hourly earnings rose by just in February for an annual rate of 2.6%, down from 2.8% in January.
The slowdown in wage growth dampened eased concerns over inflationary pressures and dampened expectations for four rate hikes by the Federal Reserve this year.
Market participants were looking ahead to the report due later in the day, to see if it confirms the expectations created by Friday’s jobs data.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% at 90.04 by 06:15 a.m. ET (10:15 GMT).
The euro and the pound were lower, with down 0.08% at 1.2329 and with slipping 015% to 1.3885.
The yen and Swiss franc were also weaker, with up 0.71% at 107.17 and with adding 0.17% to 0.9485.
Elsewhere, the Australian dollar was lower, with down 0.08% to 0.7866, while gained 0.42% to 0.7325.
Meanwhile, edged up 0.13% to trade at 1.2859.
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