U.S. Dollar Weakens As Core PCE Inflation Cools

RTTNews | 726 dias atrás
U.S. Dollar Weakens As Core PCE Inflation Cools

(RTTNews) - The U.S. dollar fell against its most major counterparts in the New York session on Friday, as the Federal Reserve's preferred measure of inflation, the core personal consumption expenditure price index, rose less than expected in June.

Data from the Commerce Department showed that the PCE inflation slowed to 3.0 percent year-on-year in June from 3.8 percent in May. Economists had expected the pace of growth to slow to 3.1 percent.

On an annual basis, core PCE inflation slowed to 4.1 percent from 4.6 percent. Economists had expected inflation to ease to 4.2 percent.

The report said personal income rose by 0.3 percent in June after climbing by an upwardly revised 0.5 percent in May.

Economists had expected personal income to increase by 0.5 percent compared to the 0.4 percent advance originally reported for the previous month.

Personal spending climbed by 0.5 percent in June after inching up by an upwardly revised 0.2 percent in May.

Economists had expected personal spending to rise by 0.4 percent compared to the 0.1 percent uptick originally reported for the previous month.

The slowdown in the annual rate of consumer price growth may ease concerns about the outlook for interest rates following yesterday's better-than-expected economic data.

The greenback fell to 1.1047 against the euro, 0.8660 against the franc and 1.2888 against the pound, after climbing to more than 2-week highs of 1.0943, 0.8736 and 1.2762, respectively in early deals. The next possible support for the currency is seen around 1.12 against the euro, 0.84 against the franc and 1.32 against the pound.

The greenback retreated to 0.6181 against the kiwi and 0.6685 against the aussie, off an early more than 3-week high of 0.6120 and a 3-week high of 0.6622, respectively. The currency may locate support around 0.63 against the kiwi and 0.69 against the aussie.

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