Dollar Loses Ground Against Major Counterparts After Inflation Data

RTTNews | 727 dias atrás
Dollar Loses Ground Against Major Counterparts After Inflation Data

(RTTNews) - The U.S. dollar drifted lower against its major counterparts on Tuesday after data showing a slowdown in consumer price inflation raised hopes the Federal Reserve will pause rate increases when it announces its monetary policy decision on Wednesday.

Data from the Labor Department showed the consumer price index inched up by 0.1% in May after climbing by 0.4% in April. Economists had expected prices to tick up by 0.2%.

Core consumer prices rose by 0.4% in May, matching the increase seen in each of the two previous months as well as economist estimates.

The Labor Department also said the annual rate of consumer price growth slowed to 4% in May from 4.9% in April. The annual rate of core consumer price growth also slowed to 5.3% in May from 5.5% in April, in line with expectations.

Following the release of the report, CME Group's FedWatch Tool is indicating a 91.9% chance the Fed leaves interest rates unchanged.

The dollar index dropped to 103.05 soon after the release of the consumer inflation data, and despite recovering some lost ground subsequently, remains more than 0.3% down at 103.30.

Against the Euro, the dollar has weakened to 1.0793 from 1.0759. The dollar is weak against Pound Sterling at 1.2610, easing from 1.2514.

Against the Japanese currency, the dollar is strong, fetching 140.23 yen a unit, nearly 0.5% more than the previous close of 139.60 yen.

The dollar is weak against the Aussie at 0.6765. Against Swiss franc, the dollar has firmed to CHF 0.9051, and against the Loonie, is trading at C$1.3316, with higher oil prices strengthening the Canadian currency.

read more
Canadian Market Up Marginally In Cautious Trade

Canadian Market Up Marginally In Cautious Trade

After a flat start and a subsequent drop to lower levels, the Canadian market emerged into positive territory about an hour past noon on Monday, but remains somewhat subdued with investors seeming reluctant to make significant moves. The mood is cautious as investors await U.S. - China trade talks in London.
RTTNews | 3 h 15 min atrás
European Stocks Close Weak After Cautious Session

European Stocks Close Weak After Cautious Session

European markets settled lower on Monday after a subdued performance as investors awaited the outcome of U.S.-China high-level trade talks in London. Also, a lack of regional economic data and earnings news contributed to the cautious mood in the markets.
RTTNews | 3 h 43 min atrás
FDA, CDC Probe Salmonella Outbreak As Around 1.70 Mln Dozen Brown Eggs Recalled

FDA, CDC Probe Salmonella Outbreak As Around 1.70 Mln Dozen Brown Eggs Recalled

The U.S. Food and Drug Administration and the Centers for Disease Control and Prevention or CDC are investigating a Salmonella Enteritidis outbreak linked to brown eggs that sickened nearly 79 across 7 states. Associated with the ongoing probe, August Egg Co. recalled around 1.70 million dozen brown cage-free and brown certified organic eggs sold through Walmart and other retail locations.
RTTNews | 7 h 29 min atrás
Bay Street May Open Slightly Higher

Bay Street May Open Slightly Higher

Canadian shares may open slightly higher on Monday amid optimism about some positive progress in U.S.-China trade talks. Energy stocks are likely to find some support on higher crude oil prices.. The U.S.-China discussions will aim to resolve some major trade disputes between the two major economies.
RTTNews | 9 h 21 min atrás
FTSE 100 Down Marginally At Noon

FTSE 100 Down Marginally At Noon

The U.K. market is down marginally at noon on Monday with investors mostly making cautious moves amid a lack of triggers. The focus is on trade talks between the U.S. and Chinese officials in London. Weak Chinese exports data weighs on sentiment.
RTTNews | 10 h 33 min atrás
CAC 40 Down Slightly In Lackluster Trade

CAC 40 Down Slightly In Lackluster Trade

French stocks are down slightly in lackluster trade on Monday with investors refraining from making significant moves as they await the high-level trade talks between U.S. and Chinese officials in London later in the day.
RTTNews | 10 h 54 min atrás
DAX Down Over 0.5% In Cautious Trade

DAX Down Over 0.5% In Cautious Trade

German stocks are down in negative territory on Monday as investors make cautious moves while awaiting crucial talks between U.S. and Chinese officials in London later in the day. The discussions will aim to resolve some major trade disputes between the two major economies. Treasury Secretary Scott Bessent leads the U.S. delegation in the high-level trade talks.
RTTNews | 11 h 15 min atrás