The USD gained ground versus the EUR, JPY, and GBP as markets await key inflation data later this week.
The U.S. dollar rose against major currencies on May 7, extending gains amid cautious trading ahead of critical inflation reports. The dollar index, which tracks the USD against a basket of six peers, climbed 0.3% to 105.20, its highest level in two weeks.
Earlier, the euro slipped 0.2% to 1.0750 USD, while the yen weakened to 154.10 per dollar. The pound sterling also declined 0.1% to 1.2530 USD. Analysts cited expectations of persistent U.S. price pressures as a key driver for the dollar’s resilience.
Markets now await the U.S. consumer price index data due Friday, which could influence Federal Reserve policy expectations. No immediate market reaction was reported in early trading.