Dollar Loses Ground Against Major Counterparts After Soft Inflation Data

RTTNews | Pred 863 dňami
Dollar Loses Ground Against Major Counterparts After Soft Inflation Data

(RTTNews) - The U.S. dollar drifted lower against its major rivals on Thursday, weighed down by data showing consumer prices saw a drop in December, raising hopes for a slowdown in interest rate hikes from the Federal Reserve.

Data released by the Labor Department showed U.S. consumer price index edged down by 0.1% in December after inching up by 0.1% in November. Economists had expected consumer prices to come in unchanged.

The report also showed the annual rate of consumer price growth slowed to 6.5% in December from 7.1% in November, in line with expectations. The annual growth was the slowest since October 2021.

The annual rate of core price growth slowed to 5.7% in December from 6% in November. The year-over-year growth was also in line with expectations.

The Labor Department also released a separate report showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended January 7th, falling to 205,000, a decrease of 1,000 from the previous week's revised level of 206,000.

Economists had expected jobless claims to rise to 215,000 from the 204,000 originally reported for the previous week.

The dollar index dropped to 102.08 and is currently at 102.22, down nearly 1% from the previous close.

Against the Euro, the dollar weakened to 1.0851 from 1.0757.

The dollar is trading at 1.2211 against Pound Sterling, down from the previous close of 1.2149.

Against the Japanese currency, the dollar is down sharply, fetching 129.34 yen a unit, as against 132.49 yen on Wednesday.

The dollar has eased to 0.6968 against the Aussie from 0.6907.

The Swiss franc is stronger against the dollar at CHF0.9277, firming from CHF0.9313.

The dollar has lost ground against the loonie as well, easing to C$1.3364 from C$1.3428.

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