Dollar Recovers After Early Setback, Gains Against Some Major Rivals

RTTNews | hace 732
Dollar Recovers After Early Setback, Gains Against Some Major Rivals

(RTTNews) - The U.S. dollar tumbled Thursday morning after data showed the nation's annual inflation rose less than expected in July, raising expectations that the Federal Reserve will leave interest rates unchanged next month.

However, the dollar recovered as the session progressed and scored gains against some of its major counterparts.

Data from the Labor Department showed consumer price growth accelerated to 3.2% in July from 3% in June, while economists had expected the pace of price growth to accelerate to 3.3%.

The Labor Department also said its consumer price index rose by 0.2% on a monthly basis in July, matching the uptick seen in June as well as expectations.

Excluding food and energy prices, core consumer prices also rose by 0.2% for the second straight month in July, in line with estimates. Meanwhile, the annual rate of growth by core consumer prices slowed to 4.7% in July from 4.8% in June. The rate of growth was expected to be unchanged.

While the data reinforced expectations the Federal Reserve will leave interest rates unchanged next month, economists suggested "sticky" core inflation could leave the door open for the Fed to resume raising rates in November.

A separate Labor Department report showed first-time claims for U.S. unemployment benefits rose by much more than expected in the week ended August 5th.

The report said initial jobless claims climbed to 248,000, an increase of 21,000 from the previous week's unrevised level of 227,000. Economists had expected jobless claims to inch up to 230,000.

The dollar index, which fell to 101.78, recovered subsequently and was last seen at 102.65, gaining about 0.15%.

Against the Euro, the dollar is down marginally at 1.0983, recovering from 1.1066. The dollar is firm against Pound Sterling at 1.2677, after having weakened to 1.2819 in early New York session.

Against the Japanese currency, the dollar is stronger at 144.78 yen, gaining from 143.73 yen. The dollar is up slightly against the Aussie at 0.6520. The Swiss franc is up marginally against the dollar at CHF 0.8768, while the Loonie is weak against the dollar at C$ 1.3445.

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