Dollar Set to Snap 6 strand-month pitch; GBP/USD declines on Weak UK GDP data

© Reuters. The dollar showed little change against a basket of major currencies as the data that the trend of the slowing of inflation in August, but the losses in the greenback were limited expectations due to a decline in the pound to the UK in the second quarter, the growth in the economy.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.08% to 93.01.

Consumer spending, which accounts for more than two-thirds of the US economy, which is up 0.1% last month. The Commerce Department said on Friday.

Inflation remained subdued, as the core personal consumption expenditures price index, slowed to 1.3% in August from 1.4% in July. The core PCE is the measure the Federal Reserve’s preferred inflation and has a 2-percent target.

The week’s inflation data weighed on the dollar, which remained on the way to the post office-a third-straight quarterly loss, despite rising expectations that the Federal Reserve will hike rates later this year.

The reports come amid speculation of the future of Janet Yellen to the position of the Federal Reserve Chairman, after the two presidents, Donald Trump, and the U.S. Secretary of the Treasury, Steven Mnuchin reportedly met with Kevin Warsh, in order to replace the possibility of his nomination, Yellen, Janet.

Warsh was a Fed Governor from 2006 to 2011 and a member of the former Fed chairman Ben Bernanke was the inner circle of advisors.

Weakness of the greenback, however, was limited by a decline of the pound in the midst of weaker-than-expected UK economic growth data.

GBP/USD fell 0.36% to $1.3394.

EUR/USD rose by 0.13% to $1.1802, while EUR/GBP 0.48% rose to 0.8811.

USD/JPY rose 0.29% to Y112.63 while the USD/CAD gained 0.47% to $1.2485.

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