The dollar is hovering

The dollar was virtually flat Monday.

The US dollar index was little changed at 93.19 at 8:29 a.m. ET.

“The majors are tracking fairly close to recent ranges, but the one-two punch of the Fed minutes and inflation miss should reinforce USD downside over the coming weeks,” Mark McCormick, North American Head of FX Strategy at TD Securities, said in emailed commentary.

“[W]e look to fade DXY rallies towards 93.50 and look for a re-test of the lows near 91.00,” he added.

The dollar slid last week after inflation data came in below expectations and the September FOMC minutes showed that many Fed officials are concerned that inflation will remain lower for longer.

The dollar index is down by over 9% since US President Donald Trump’s inauguration.

As for the rest of the world, here was the scoreboard at 8:33 a.m. ET:

  • The euro was down by 0.2% at 1.1798 against the dollar. Earlier, Germany’s Wholesale Price Index rose 0.6% month-over-month in September, above expectations of 0.4%, and above the prior month’s reading of 0.3%.
  • The Russian ruble was little changed at 57.1567 per dollar, while Brent crude oil, the international benchmark, was up by 2.0% at $US58.31.
  • The Indian rupee was little changed at 64.732 per dollar after data showed that WPI inflation rose 2.60% year-over-year in September, below expectations of 3.41%, and below the prior month’s reading of 3.24%.
  • The British pound was down by 0.2% at 1.3260 against the dollar.
  • The Japanese yen was little changed at 111.86 per dollar.

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