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Dollar rises pre-U.S. inflation data

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The Dollar edged up ahead of U.S. inflation data due out on Thursday, after a surge on Wednesday and then subsequently trimming some of its gains.


The Dollar index, measuring the currency against six rivals, rose 0.11% to 110.48 at the time of writing.


The focus remained on looming U.S. inflation figures which may greatly impact the size of future Fed rate hikes. According to economists surveyed by Reuters, the headline consumer price index is forecast to show an 8% year-on-year rise last month, down from September’s 8.2% figure.


“I think the biggest risk going into today's U.S. CPI release is for the markets to be over-reading it. There is potential for a softer print, no doubt, but the Fed has already communicated a downshift in its rate hike trajectory without exiting its hawkish bent,” stated Charu Chanana, market strategist at Saxo Markets.


In addition, the Euro fell under parity and was down 0.18% at $0.9992 at the time of writing. The Pound rose 0.32% to $1.1396, a slight recovery from the 1.6% decline in the prior session.


In recent weeks the Dollar has lost steam on hopes the Fed may start reducing the size of future rate hikes from December.


Elsewhere, the Japanese Yen moved up to 146.22 per Dollar on Thursday. In the previous session, the Yen reached a fortnight-high of 145.18, the Reuters report adds.


Furthermore, the Australian Dollar declined 0.26% to $0.6414, whilst the New Zealand Dollar edged down 0.23% to $0.587. Both currencies had fallen over 1% in trading on Wednesday.

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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.