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USD edges down after largest daily rise in 7 months

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The Dollar declined on Friday following its largest daily rise since March on Thursday, as US CPI data fuelled speculation the Fed may have to hike rates further to revert inflation back to target.


The consumer price index edged up 0.4% in September, holding the annual rate at 3.7%, matching August. However, economists surveyed by Reuters forecast the CPI would rise 0.3% on the month and 3.6% year-on-year.


“The data will keep the Fed on its toes,” said Nicholas Van Ness, Credit Agricole CIB US economist.


“While our base case remains an extended pause that lasts into 2024, further upside surprises in upcoming CPI and employment reports could leave a hike on the table for December (or after),” Van Ness added.


The Dollar index – measuring the currency against six major rivals – was down around 0.1% to 106.36 at the time of writing. Whereas on Thursday, it increased 0.8% to 106.6, the largest one-day rise since mid-March.


Furthermore, Thursday’s Dollar boost led the Japanese Yen to return towards the 150-mark briefly hit last week. The Yen was trading at 149.69 per Dollar at the time of writing.


“The risk of intervention is clearly high, and that is constraining the Dollar-Yen, which would otherwise be higher,” according to Adam Cole, chief currency strategist at RBC.


“This resolves itself in one of two ways; either they intervene and Dollar-Yen dips and resumes trading up from a lower level, or it sticks in a range for a while, and the probability of intervention slowly diminishes,” he added.


Elsewhere, the Euro edged up 0.2% to $1.0547, whilst Sterling was up 0.3% at $1.2213.


In South Africa, there was little change for the Rand on Friday, following a volatile week.


The Rand stood at 19.0350 against the Dollar early on Friday, Reuters reports, not too far from the previous close of 19.0125.

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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.

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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.