Dollar slips ahead of inflation data
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The dollar eased against most currencies on Tuesday ahead of key US and euro zone inflation data later this week. The greenback was also on the verge of its first monthly decline in 2024. Markets are currently more than fully priced for a US rate cut in December. Against a basket of currencies, the dollar was down 0.09% at 104.47, for a 1.76% decline on a monthly basis. The euro was up 0.13% at $1.0872. German inflation data due on Wednesday and the wider euro zone’s reading on Friday will be watched for clues on how soon easing from the central bank could come. The dollar took a modicum of support from US data showing a surprise rise in consumer confidence this month. All of that data, however, will be a sideshow to the main focus for markets on Friday when the US core personal consumption expenditures (PCE) price index report - the Federal Reserve’s preferred measure of inflation - is released. Expectations are for it to hold steady on a monthly basis.

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