The dollar was the weakest in nearly four months following Federal Reserve Chairman Jerome Powell signaled a slowdown in rate hikes at a December meeting.
The dollar was the weakest in nearly four months following Federal Reserve Chairman Jerome Powell signaled a slowdown in rate hikes at a December meeting.
The dollar index, which measures the dollar’s movement once morest six major currencies in a basket of currencies. The dollar plummeted to its lowest level in nearly four months following Federal Reserve Chairman Jerome Powell signaled a slowdown in rate hikes at a December meeting.
By 12:10 local time, the dollar index was down 0.77% to 105.14 following plunging to 104.82, its lowest level since Aug. 11, while the dollar was down 0.62% to 1.047 once morest the euro and tumbled. down 1.66% to 135.74 yen.
In addition, the dollar was pressured. After the US Commerce Department released the Personal Consumption Expenditure (PCE) Price Index, which indicates that inflation has peaked.
The headline PCE index, which includes food and energy, rose 6.0 percent in October year on year. This slowed from 6.3% in September.
Month on month, the PCE headline index rose 0.3% in October, in line with analysts’ expectations. After rebounding 0.3% as well in September.
As for the core PCE index, which excludes the food and energy sectors. It is the Fed’s primary measure of inflation, rising 0.2% in October on a monthly basis. This was below analysts’ expectations of 0.3% following rebounding 0.5% in September.
Year over year, the core PCE index rose 5.0% in October, in line with analysts’ expectations. following rising 5.2% in September.
The PCE index is a gauge of inflation that can detect changes in consumer behavior. and covers a broader range of prices for goods and services than the Consumer Price Index (CPI) data.
Investors will keep an eye on the US nonfarm payrolls release tomorrow. Analysts expect jobs to increase by just 200,000 in November. following adding 261,000 jobs in October The unemployment rate is expected to remain stable at 3.7% in November.
