U.S. Dollar Weakens As Producer Inflation Softens
12 Januar 2024 - 1:05PM
RTTF2
Reversing direction, the U.S. dollar fell against its major
counterparts in the New York session on Friday, as the nation's
producer prices unexpectedly edged slightly lower in the month of
December.
Data from the Labor Department showed that the producer price
index slipped by 0.1 percent in December, matching a revised dip in
November.
Economists had expected producer prices to inch up by 0.1
percent compared to the unchanged reading originally reported for
the previous month.
Meanwhile, the report said the annual rate of producer price
growth accelerated to 1.0 percent in December from a downwardly
revised 0.8 percent in November.
The annual rate of producer price growth was expected to speed
up to 1.3 percent from the 0.9 percent originally reported for the
previous month.
The greenback declined to a 2-day low of 144.34 against the yen,
3-day low of 0.8488 against the franc and a fresh 2-week low of
1.2785 against the pound, off its early highs of 145.56, 0.8550 and
1.2719, respectively. The greenback is seen finding support around
139.00 against the yen, 0.83 against the franc and 1.31 against the
pound.
The greenback dropped to 3-day lows of 0.6728 against the aussie
and 1.3343 against the loonie, from its early highs of 0.6678 and
1.3395, respectively. The greenback is poised to challenge support
around 0.70 against the aussie and 1.30 against the loonie.
The greenback touched 0.6278 against the kiwi, its lowest level
since January 4. The currency may possibly face support around the
0.645 level.
The greenback moved down to 1.0986 against the euro, reversing
from an early high of 1.0935. If the dollar falls further, it is
likely to test support around the 1.12 region.
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