New York: The US dollar was stagnant against a basket of other major currencies at the close of trade on Thursday (Friday morning WIB), as investors digested the US inflation report showing a moderate increase in July 2023.
Launch xinhuaFriday, August 11, 2023, the dollar index which measures greenbacks against six of its main rivals, it edged up 0.03 percent to 102.5222 late in the session.
Meanwhile, US inflation in July 2023 increased by 0.2 percent from last month, matching the increase in June 2023. On an annual basis, inflation in July 2023 increased by 3, 2 percent or strengthened from 3.0 percent in June 2023 and was the smallest annual increase. .since March 2021.
Meanwhile, core inflation, which excludes food and energy prices, rose 0.2 percent in July, the same rise as the previous month. On an annual basis, core inflation rose 4.7 percent after increasing 4.8 percent in June 2023.
“The July inflation report offers more compelling evidence of easing inflationary pressures,” said Lydia Boussour, senior economist at EY-Parthenon.
The Fed will maintain its policy warmonger
He added that Federal Reserve officials would likely see the report as a step closer to disinflation.
“But since inflation is still far from its 2.0 percent target, the Fed is likely to maintain its bias. warmonger and opens the door to further rate hikes, if the data confirms it,” he said.
After a rapid decline following the latest inflation report in early trading, the US dollar quickly rallied as US government bond prices rose, helping the greenback regain some of the lost ground.
A separate Labor Department report showed the country’s initial jobless claims rose by 21,000 to 248,000 in seasonally adjusted data for the week ended August 5.
The four-week moving average for claims, a less volatile reading, rose 2,750 to 228,250, the data showed. At the close of the New York session, the euro rose to $1.0990 from $1.0975 the previous session, and the pound fell to $1.2691 from $1.2724.
The US Dollar bought 144.7080 Japanese Yen, higher than 143.6760 Japanese Yen in the previous session. The US dollar fell to 0.8760 Swiss francs from 0.8773 Swiss francs, and it rose to 1.3421 Canadian dollars from 1.3417 Canadian dollars. The US dollar fell to 10.6760 Swedish kronor from 10.6838 Swedish kroner.
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