© Reuters
Investing.com – The U.S. dollar edged higher in early European trade Tuesday ahead of this week’s key economic data that may provide clues on the Federal Reserve’s next moves.
At 04:00 ET (09:00 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 101.125, recovering slightly from a five-month low after the greenback slid some 2% in 2023.
Payrolls to guide dollar sentiment
The dollar was hit hard by raised expectations that the Fed will begin trimming interest rates in 2024, with the showing traders pricing in an over 70% chance for a 25 basis point rate cut in March 2024.
But until the March meeting, markets still have a barrage of key economic readings to contend with.
U.S. data, due for release later Tuesday, is expected to show that this important sector remains in contraction territory, and from the…
