Dollar drifts as ebbing US inflation sets the stage for rate cuts - SABC News

The yen was steady at 147.315 per dollar after data showed Japan's economy

The dollar was soft on Thursday, with the euro perched near an eight-month high after data showed US inflation was slowing, underpinning wagers that the Federal Reserve could lower borrowing costs next month.

Bouts of intervention from Tokyo early last month and then a surprise rate hike from the Bank of Japan at the end of July wrong-footed investors who bailed out of popular carry trade, lifting the yen. Josh Chastant, portfolio manager for public markets at GuideStone Funds, said both the US CPI and PPI data pointed to a 25 basis point cut by the Fed in September.

“We expect cuts in September and December with a possible cut too in November if the US labour market weakens further this year.”The euro was steady at $1.1011 in early trading, hovering close to $1.10475, the highest since early January it touched on Wednesday. The single currency is up 0.86% for the week, set for its strongest weekly performance in over a month.

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