The dollar rose against the euro and yen before a government report that may show U.S. inflation expedited last month, giving the Federal Reserve less reason to lower interest rates.
The dollar rose against 13 of the 16 most-active currencies as traders pared bets the Fed will reduce its benchmark rate by three-quarters of a percentage point next month. Crude oil traded below yesterday's record $100.10 a barrel in New York . The U.S. dollar index traded on ICE Futures in New York , which tracks the currency against its six major counterparts, grew 0.2 % to 76.1.
"There's a distinct possibility inflationary pressures could grow and grow,'' said Simon Derrick, the London-based head of currency strategy at Bank of New York Mellon Corp. "There is a risk we could see a high CPI number today.''
Consumer prices increased at an annual rate of 4.2 % in January from a year earlier, compared with 4.1 % the previous month. The Labor Department will release the report at 8:30 a.m. today in Washington .
Interest rate futures on the Chicago Board of Trade show a 4 % chance the Fed will lower rates by three quarters of 1 % to 2.25 at its March 18 meeting, down from 32 % odds a week ago. The remaining odds are for a half-point cutting.
The behavior of the Russian inspector satellite, which was launched in the autumn of 2017, puzzles military officials in the United States
When the bill was submitted to Congress on August 2, the reason for imposing the new sanctions on Russia was based on Russia's alleged interference in the US presidential election in 2016, but then something clicked