U.S. Dollar Regains Ground Following Inflation Data

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(RTTNews) - The value of the U.S. dollar has moved to the upside during trading on Thursday, regaining ground after moving notably lower earlier in the session.

The U.S. dollar index moved higher in morning trading and remains up 0.47 points or 0.5 percent at 103.63.

Meanwhile, the greenback is trading at 145.90 yen versus the 146.24 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0843 compared to yesterday's $1.0923.

The advance by the dollar comes amid continued optimism about the Federal Reserve leaving interest rates unchanged after the Commerce Department released a report showing consumer price growth in the U.S. accelerated in line with economist estimates in the month of July.

The Commerce Department said the annual rate of consumer price growth increased to 3.3 percent in July from 3.0 percent in June. The faster growth matched expectations.

The reading on inflation also showed consumer prices rose 0.2 percent on a monthly basis in July, matching the uptick in June as well as economist estimates.

The report also said the annual rate of growth by core consumer prices, which exclude food and energy prices, inched up to 4.2 percent in July from 4.1 percent in June. The modest increase also matched expectations.

Core consumer prices rose by 0.2 percent on a monthly basis in July after edging up by 0.2 percent in June, in line with estimates.

The readings on prices for personal consumption expenditures are said to be the Federal Reserve's preferred gauges of inflation.

"July PCE inflation was modest for a second straight month, establishing a solid runway for the Fed to leave rates unchanged next month," said Chris Low and Will Compernolle, FHN Financial Chief Economist and Macro Strategist.

They added, "There is one more CPI report before the September FOMC meeting (coming during the pre-meeting quiet period) that could shift the FOMC's inflation confidence when setting rate and inflation projections for the year ahead."

Taggar: USD

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