SINGAPORE - The currency market started the week cautiously, with the dollar slightly lower on Monday after data last week showed U.S inflation had stabilised in April, keeping the door open for the Federal Reserve to cut interest rates later in the year.
The inflation data still shows price pressures remain above the Fed's 2% target, with the year-over-year rise in the PCE index measuring 2.7% in April, the same rate as in March, keeping the markets unsure of more than one rate cut in 2024. The dollar index, which measures the U.S. currency against six rivals, was 0.067% lower at 104.51 on Monday. The index fell 1.56% in May.
The comments from ECB officials will be in focus for traders along with economic projections as they assess whether the central bank will provide further cuts after Thursday in the wake of data showing a rise in euro zone inflation in May.Meanwhile, data released on Friday by Japan's Ministry of Finance confirmed that the authorities spent 9.79 trillion yen intervening in the foreign exchange market to support the yen over the past month.
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