Dollar Turns In Mixed Performance After Inflation Data
(RTTNews) - The U.S. Dollar turned in a mixed performance against its major counterparts on Wednesday with traders reacting to U.S. consumer price inflation data, and continuing to assess the potential impact of new tariffs imposed by the Trump administration on steel and aluminum imports.
Data from the Labor Department report said the consumer price index advanced by 0.5% in January after climbing by 0.4% in December. Economists had expected consumer prices to rise by 0.3%.
The report also said the annual rate of consumer price growth accelerated to 3% in January from 2.9% in December, while economists had expected the pace of growth to remain unchanged.
The annual rate of core consumer price growth also ticked up to 3.3% in January from 3.2% in December. Economists had expected the pace of growth to slow to 3.1%.
The dollar index climbed to 108.52 after the release of consumer price inflation data, but dropped to 107.63 as the session progressed. However, it recovered some lost ground and was at 108.00, netting a small gain.
Against the Euro, the dollar weakened to 1.0384 from 1.0363. The dollar gained marginally against Pound Sterling at 1.2442.
Against the Japanese currency, the dollar climbed higher, fetching 154.42 yen a unit, compared to 152.50 yen. The dollar firmed to 0.6279 against the Aussie.
The Swiss franc edged down slightly to 0.9135 a unit of greenback. The Loonie firmed to 1.4286 against the dollar, gaining from 1.4311.
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