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Dollar Turns In Subdued Performance After Inflation Data
(RTTNews) - The U.S. dollar was subdued against most of its major counterparts on Wednesday after inflation data came in line with expectations.
Data from the Labor Department showed the consumer price index climbed by 0.6% in August after inching up by 0.2% in July. The price growth matched expectations.
Excluding food and energy prices, core consumer prices rose by 0.3% in August after edging up by 0.2% in July. Economists had expected another 0.2% uptick.
The Labor Department also said the annual rate of consumer price growth accelerated to 3.7% in August from 3.2% in July. The annual rate of growth was expected to accelerate to 3.6%.
Meanwhile, the report said the annual rate of growth by core consumer prices slowed to 4.3% in August from 4.7% in July, in line with economist estimates.
The data has reinforced expectations the Federal Reserve will leave interest rates unchanged next week. However, many economists feel the slightly bigger than expected monthly increase in core prices leaves the door open for another rate hike.
The dollar index, which rose to 104.97, dropped to around 104.55 but recovered to 104.76, recording a marginal gain.
Against the Euro, the dollar firmed to 1.0732 from 1.0756. Against Pound Sterling, the dollar gained marginally at 1.2490.
The dollar is up against the Japanese currency, fetching 147.45 yen a unit. Against the Aussie, the dollar edged up marginally at 0.4621.
Against Swiss franc, the dollar is gaining more than 2% at C$ 0.8933, while it is down marginally against the U.S. franc, at $1.3554.
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