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Dollar Loses Ground On Soft Inflation Data
(RTTNews) - The U.S. dollar turned weak against its major counterparts on Thursday after data showed consumer prices in the U.S. rose less than expected in October, raising hopes the Federal Reserve will slow the pace of monetary tightening in the coming months.
Data from the Labor Department showed the consumer price index rose by 0.4% in October, less than expected increase of 0.6%. The annual rate of growth in consumer prices also slowed to 7.7% in October from 8.2% in September.
The annual rate of growth in core prices slowed to 6.3% in October from 6.6% in September, coming in below the expected 6.5% growth.
A separate report released by the Labor Department showed initial jobless claims crept up to 225,000 in the week ended November 5th, increase of 7,000 from the previous week's revised level of 218,000.
Economists had expected jobless claims to inch up to 220,000 from the 217,000 originally reported for the previous month.
The dollar index has dropped to 107.72, losing 2.56%.
Against the Euro, the dollar is down sharply at 1.0215. dropping from its previous closing level of 1.0014.
The dollar is trading at 1.1723 against Pound Sterling, plunging more than 3% from Wednesday's close of 1.1357.
Against the Japanese currency, the dollar is very weak, fetching 140.56 yen a unit, falling from 146.41 yen.
Against the Aussie, the dollar has slipped to 0.6625 from 0.6432.
The Swiss franc has strengthened to 0.9633 a dollar, rising from 0.9842, while the Loonie is stronger at 1.3313 a dollar, gaining from 1.3311.
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