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NEW YORK, Aug 28 - The U.S. dollar gained on Wednesday due to month-end buying and technical factors after recent declines that pushed it to its weakest in more than a year, as traders awaited data that could dictate the pace of the Federal Reserve's imminent easing cycle.
"With a series of potentially treacherous event risks looming, including this evening's earnings release from Nvidia and next Friday's hugely important non-farm payrolls report, traders are cutting exposures and buying the greenback against high-beta currencies," said Karl Schamotta, chief market strategist, at Corpay in Toronto.
"The dollar's rise today is warranted given the move lower this month. We have seen a sharp depreciation in the dollar, being down 5% in the second half of 2024," said Boris Kovacevic, global macro strategist at Convera in Vienna, Austria. Current pricing indicated a 37% chance of the larger cut, unchanged from late on Tuesday, according to LSEG calculations. Markets also priced in about 105 bps of easing by the end of the year.A preliminary estimate for U.S. gross domestic product in the second quarter is due later this week, along with the core personal consumption expenditures index, the Fed's preferred inflation measure. Both could likely drive the dollar lower if the numbers come out weaker than expected.
Investors await the release of euro zone August inflation data later in the week, which could provide clues about the European Central Bank's monetary policy path.
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