The dollar was trading steady. U.S. inflation data could exceed forecasts but any dollar gains would probably be short-lived, ING said.

Hot U.S. PPI data lifts the dollar and challenges aggressive Fed rate-cut bets. Traders eye Jackson Hole for signals on DXY’s next move.

The U.S. dollar firmed across the board on Monday, a day before the release of a U.S. inflation report that could help determine whether the Federal Reserve lowers borrowing costs next month.

The U.S. stock market on Tuesday rose toward records after data suggested inflation in July was a touch better than economists expected.

The steady decline of the dollar under President Donald Trump has led to a lot of hyperventilating about its role as the global reserve currency and threats posed by alternatives like the euro or whatever the BRICs have cooking.

The dollar fell to its weakest level against the Japanese yen in three weeks after U.S. Treasury Secretary Scott Bessent said he expected the Bank of Japan to raise interest rates to tackle inflation.

The U.S. dollar rose across the board on Thursday as data showed U.S. producer prices increased more than expected in July amid a surge in the costs of services and goods, suggesting a broader pickup in inflation in the months ahead.