US dollar tumbles as investors await next batch of economic data

US dollar

The struggling US dollar retained its weakness on Thursday, extending its losses in four trading days, as investors stayed calm ahead of the release of the next batch of economic data, which could provide support to Federal Reserve’s interest rate hike later this year.

On Friday, the US government will release its latest report about September inflation and investors are keeping their eyes to the upcoming figures that could bolster chances of a potential rate lift in December.

With a smaller volume of trades in the market, the US dollar index, a gauge of the greenback’s performance against a half dozen rivals, closed 0.1% down at 92.97 and is on track for major weekly loss.

Ahead of Friday’s data, the dollar moved closer to its record low of 111.99 against the Japanese yen as it faltered 0.6% at 112.12 and is poised to drop 0.3% this week.

Versus the euro, the dollar fell down to 1.1833 from 1.1859 while the British pound rebounded from its previous low of 1.3223 and settled at 1.3265.

Meanwhile, the buck strengthened against North American counterparts as Mexican peso tumbled to 18.7945 per dollar while the Canadian dollar slid to 1.12465 from 1.2458 in late Wednesday.

The Us dollar index cruised to its highest settlement in more than 10 weeks last Friday after the Labor Department reported that US wages strengthened in September.

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