Dollar Drifts as Ebbing US Inflation Sets Stage for Rate Cuts

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. The dollar index, which measures the US unit versus six rivals, was last at 102.59. The yen was steady at 147.315 per dollar after data showed Japan's economy expanded by a faster-than-expected annualised 3.1% in the second quarter due to a solid pickup in consumption. The euro was steady at $1.1011 in early trading while sterling was a tad stronger at $1.28375. The New Zealand dollar was 0.13% higher at $0.60035 and the Australian dollar was up 0.42% at $0.6624. Source: Qatar News Agency