Analysis: Thursday's CPI data may provide support for the US dollar

The dollar rose ahead of the release of the Federal Reserve meeting minutes. The Fed cut interest rates by 50 basis points last month, and the latest meeting minutes may provide clues for next policy measures.

Chris Turner, an international analyst from Netherlands, stated in a report that "In recent weeks, the market has reduced about 30 basis points of the Fed's easing cycle for 2024, but we also doubt whether investors are now in mood to reprice for aggressive easing cycle of the Fed."

He also mentioned that Thursday's CPI data might show that U.S.'s core inflation rate in September is still high which could support the dollar.