Investing.com - The U.S.
dollar traded in a steady fashion Monday, at the start of a new week that is set to provide more clues over the future path of U.S. interest rates.
At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded marginally higher at 104.355, marginally above a five-week low seen earlier this week. Dollar steadies ahead of Fed minutes, more speakers The dollar was hit last week after a slowdown in U.
S. inflation lifted the likelihood of interest rates cut by the Federal Reserve this year. There was something of a recovery as several Fed officials, specifically members of the bank’s rate-setting committee, said that they needed much more confidence that inflation was coming down, beyond some easing inflation in April.
This brings the minutes of the Fed meeting at the start of this month, due on Wednesday, firmly into focus, as traders look for more clues as to when the U.S. central bank will start cutting interest rates.
Several Fed officials are also due to speak during the week, including Atlanta Fed President Raphael Bostic , Governors Michael Barr, Christopher Waller and Philip Jefferson , Cleveland Fed President Loretta Mester , New York Fed President John Williams and Richmond Fed President Thomas Barkin . Euro calm ahead of PMIs In Europe, EUR/USD traded 0.1% higher to 1.
0874, just below the near two-month high of 1.0895 reached last week. The eurozone, as well as the U.
K., is set to releas.
