U.S. Dollar Weakens After Inflation Data
(RTTNews) - The U.S. dollar declined against its major counterparts in the New York session on Thursday, following the release of inflation data for August.
The CPI rose 0.4 percent on the month, following an increase of 0.2 percent in July. Economists had expected the CPI to rise to 0.3 percent.
The CPI increased 2.9 percent year-on-year in August, up from 2.7 percent last month. The reading matched forecasts.
The data reinforced expectations for a rate cut by the Federal Reserve next week.
The greenback fell to 2-day lows of 1.1746 against the euro and 0.7948 against the franc, from its early 6-day highs of 1.1659 and 0.8008, respectively. The next possible support for the currency is seen around 1.19 against the euro and 0.77 against the franc.
The greenback declined to 2-day lows of 1.3582 against the pound and 146.98 against the yen, from its early 3-day highs of 1.3491 and 148.18, respectively. The currency is seen finding support around 1.38 against the pound and 145.00 against the yen.
The greenback dropped to a 2-day low of 1.3826 against the loonie and a 4-week low of 0.5979 against the kiwi, from an early nearly 3-week high of 1.3892 and a 3-day high of 0.5914, respectively. The currency may find support around 1.36 against the loonie and 0.62 against the kiwi.
The greenback touched more than a 10-month low of 0.6665 against the aussie. If currency falls further, it is likely to find support around the 0.68 level.
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