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Forex News: Dollar Mixed After U.S. Consumer Inflation Data

Dollar Mixed After U.S. Consumer Inflation Data

07/12/2018 - 10:10:00 (RTTNews)

(RTTNews) - The U.S. dollar came in mixed against its major opponents in early New York deals on Thursday, after the release of U.S. consumer inflation data, which edged up less than expected in June.

Data from the Labor Department showed that the consumer price index inched up by 0.1 percent in June after rising by 0.2 percent in May. Economists had expected consumer prices to increase by 0.2 percent.

Excluding food and energy prices, core consumer prices rose by 0.2 percent for the second consecutive month, matching economist estimates.

Separate data showed that first-time claims for U.S. unemployment benefits fell more than expected in the week ended July 7.

The report said initial jobless claims dropped to 214,000, a decrease of 18,000 from the previous week's revised level of 232,000. Economists had expected jobless claims to edge down to 225,000.

The currency was higher against its major opponents in the European session.

The greenback eased to 1.3245 against the pound and 1.1688 against the euro, from its early 8-day high of 1.3181 and a weekly high of 1.1650, respectively. The greenback is seen finding support around 1.34 against the pound and 1.185 against the euro.

The greenback climbed to 1.0017 against the Swiss franc, its strongest since May 18. On the upside, 1.02 is possibly seen as the next resistance level for the greenback.

The greenback held steady against the yen, after having advanced to more than a 5-month high of 112.63 at 7:00 am ET. At yesterday's close, the pair was worth 112.01.

The U.S. monthly budget statement for June is due later in the session.

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