U.S. Dollar Climbs As Early Rate-cut Hopes Dim After Strong PPI Data
16 Februar 2024 - 12:25PM
RTTF2
The U.S. dollar strengthened against its major counterparts in
the European session on Thursday, as stronger-than-expected
producer price index for January diminished likelihood of early
interest rate cuts from the U.S. Federal Reserve.
Data from the Labor Department showed that the producer price
index for final demand rose by 0.3 percent in January after edging
down by 0.1 percent in December. Economists had expected producer
prices to inch up by 0.1 percent.
Excluding prices for food, energy, and trade services, core
producer prices climbed by 0.6 percent in January after rising by
0.2 percent in December.
Following the hotter-than expected consumer price inflation data
released earlier this week, the data added to concerns the Fed will
delay cutting interest rates longer than investors had hoped.
The greenback advanced to 1.0732 against the euro and 0.8839
against the franc, off its early lows of 1.0780 and 0.8789,
respectively. The currency is poised to find resistance around 1.06
against the euro and 0.90 against the franc.
The greenback rose to 0.6086 against the kiwi and 0.6496 against
the aussie, from its early lows of 0.6115 and 0.6529, respectively.
The greenback may find resistance around 0.585 against the kiwi and
0.62 against the aussie.
The greenback moved up to 1.2548 against the pound, from an
early 2-day low of 1.2605. The currency is likely to locate
resistance around the 1.24 level.
Reversing from an early 3-day low of 1.3459 against the loonie,
the greenback edged up to 1.3507. The currency is seen finding
resistance around the 1.36 level.
The greenback touched 150.64 against the yen, setting a 2-day
high. If the greenback rises further, it is likely to test
resistance around the 152.00 region.
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