Dollar muted as markets brace for data fest; yen under pressure

Singapore, Aug. 29 (BNA): The U.S. dollar was subdued on Tuesday as traders resisted placing large bets ahead of a slew of economic data this week, while the yen languished near levels that triggered intervention last year.


Against a basket of currencies, the dollar eased 0.058% to 103.87, after slipping 0.2% on Monday.


The index is up 2% this month and is coming off a run of six straight weeks of gains as resilient U.S. economic data bolstered expectations that rates may stay higher for longer, Reuters reported.


That view gained more traction after Federal Reserve Chairman Jerome Powell suggested on Friday that further interest rate increases may be needed to cool still-too-high inflation, though his promise to move with care at upcoming meetings provided for some uncertainty.


With the U.S. central bank highlighting the rate path will be heavily dependent on data, the spotlight will be on a batch of economic indicators this week, including payrolls and personal consumption expenditure.





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