U.S. Dollar Gains Ground After Inflation Data
February 14 2023 - 6:03AM
RTTF2
Erasing its early losses, the U.S. dollar climbed against its
major counterparts in the New York session on Tuesday, as investors
digested data showing an acceleration in the nation's consumer
inflation in January.
Data from the Labor Department showed that U.S. consumer prices
increased in line with economist estimates in the month of
January.
The report said the consumer price index climbed by 0.5 percent
in January following a revised 0.1 percent uptick in December.
Economists had expected consumer prices to rise by 0.5 percent
compared to the 0.1 percent dip originally reported for the
previous month.
Excluding food and energy prices, core consumer prices rose by
0.4 percent in January, matching a revised increase in December as
well as economist estimates.
The greenback rose back to 133.13 against the yen, its strongest
level since January 6.
The greenback climbed to 1.2117 against the pound and 0.9234
against the franc, from its early near 2-week lows of 1.2270 and
0.9136, respectively.
The greenback advanced to 1.0708 against the euro and 0.6921
against the aussie, off its early near 2-week lows of 1.0804 and
0.7029, respectively.
The greenback touched a 2-day high of 1.3391 against the loonie,
reversing from an early near 2-week low of 1.3274.
The greenback strengthened to 0.6297 against the kiwi, coming
off from an early multi-day low of 0.6390.
The currency is seen finding resistance around 139.00 against
the yen, 1.18 against the pound, 0.94 against the franc, 1.06
against the euro, 0.67 against the aussie, 1.36 against the loonie
and 0.615 against the kiwi.
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