The dollar index held steady around 106.1 on Tuesday, following two consecutive sessions of gains, as investors awaited crucial inflation data later this week that could shape expectations for Federal Reserve policy.
On Monday, data revealed that US inflation expectations for the year ahead rose to 3% in November, up from 2.9% in October, signaling ongoing concerns about persistent price pressures.
Additionally, last week's data showed stronger-than-expected job growth in November, although the unemployment rate edged up to 4.2%.
Despite these mixed signals, markets are currently pricing in an 86% probability that the Fed will reduce rates by 25 basis points this month, though the outlook for 2025 remains highly uncertain.
Investors are also eyeing monetary policy decisions from central banks in Australia, Canada, and Switzerland this week, which could add further volatility to global markets.
Source: Trading Economics
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