Investors have been keeping an eye on economic data to gauge whether or not the economy is healthy enough for the Fed to hike interest rates this year, which would help strengthen the U.S. dollar. However, weak U.S. growth and productivity data have made investors more skeptical of any hikes this year.
SEE MORE: Gold ETFs Dull on Fed Rate Bets, Strengthening Dollar
The August jobs report was tepid enough that the Fed may not be able to raise rates this month. After this week’s meeting, the Fed meets just two more times this year.
“Hedge funds and money managers cut net bullish positions on the dollar versus eight major peers, according to the Commodity Futures Trading Commission. Bets that the currency will rise outnumbered bearish wagers by 113,195 contracts in the week to Sept. 13, compared with 119,066 the previous week,” according to Bloomberg.
PowerShares DB U.S. Dollar Index Bullish Fund
