FOREX TradingCharts.com

Forex News: Soft U.S. Inflation Drags Down Dollar

Soft U.S. Inflation Drags Down Dollar

08/11/2017 - 09:22:00 (RTTNews)

(RTTNews) - The U.S. dollar declined against its key counterparts in the European session on Friday, as U.S. consumer prices grew less than forecast in July, raising uncertainty over a Fed rate hike in December.

Data from the Labor Department showed that consumer price index inched up by 0.1 percent in July after coming in unchanged in June. Economists had expected prices to rise by 0.2 percent.

Excluding food and energy prices, core consumer prices still crept up by 0.1 percent in July, matching the increases seen in the three previous months. Core prices had also been expected to climb by 0.2 percent.

Markets also await speeches by Fed officials Robert Kaplan and Neel Kashkari for more insights about the monetary policy outlook.

The greenback declined against its most major counterparts in the Asian session as U.S. President Donald Trump's rhetoric on North Korea made investors cautious.

Political uncertainty escalated after Trump further ratcheted up the rhetoric over North Korea, suggesting that his "fire and fury" comments may not have been tough enough.

The greenback declined to 1.3009 against the pound, after having advanced to more than a 3-week high of 1.2951 at 6:15 am ET. If the greenback extends decline, 1.33 is possibly seen as its next support level.

The greenback dropped to a 3-day low of 1.1819 against the euro, from a high of 1.1749 hit at 5:30 am ET. Continuation of the greenback's downtrend may see it challenging support around the 1.22 mark.

Final data from Destatis showed that Germany's consumer price inflation accelerated to a three-month high in July.

Inflation, based on consumer prices, grew 1.7 percent annually, slightly faster than the 1.6 percent increase registered in June. This was the fastest since April and came in line with the flash estimate published on July 28.

Extending early slide, the greenback fell to more than a 2-week low of 0.9582 against the Swiss franc. The next possible support for the greenback-franc pair is seen around the 0.94 region.

The greenback continued to be lower against the yen with the pair touching near a 4-month low of 108.72. On the downside, 107.00 is possibly seen as the next support level for the greenback.

The greenback eased to 0.7317 against the kiwi and 0.7909 against the aussie, from its early session's high of 0.7252 and more than a 3-week high of 0.7839, respectively. The greenback is seen finding support around 0.74 against the kiwi and 0.80 against the aussie.

The greenback hit a 3-day low of 1.2653 versus the loonie, off its early high of 1.2753. The greenback is likely to challenge support around the 1.25 area.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed As Trading Week Draws To A Close (33 min(s), 01 sec(s) ago)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon ...Full Story»

Pound Extends Decline Amid U.K. PM Theresa May's Brexit Speech (01 hr(s), 38 min(s), 59 sec(s) ago)
(RTTNews) - The pound continued to be lower against its major counterparts in early New York deals ...Full Story»

Canadian Dollar Eases After Inflation Data (03 hr(s), 14 min(s), 59 sec(s) ago)
(RTTNews) - The Canadian dollar retreated from its early highs against its major counterparts in t ...Full Story»

Loonie Falls After Canada CPI, Retail Sales (03 hr(s), 56 min(s), 59 sec(s) ago)
(RTTNews) - Following the release of Canada inflation for August and retail sales for July at 8:30 ...Full Story»

Loonie Mixed Ahead Of Canada CPI, Retail Sales (04 hr(s), 02 min(s), 59 sec(s) ago)
(RTTNews) - Statistics Canada will release Canada inflation for August and retail sales for July a ...Full Story»

Euro Climbs After Upbeat Eurozone, German PMIs (06 hr(s), 47 min(s), 59 sec(s) ago)
(RTTNews) - The euro spiked up against its major rivals in the early European deals on Friday, as ...Full Story»

Euro Little Changed Following Eurozone PMI Data (08 hr(s), 26 min(s), 59 sec(s) ago)
(RTTNews) - Following the release of Eurozone composite PMI data for September at 4.00 am ET Frida ...Full Story»

Euro Strengthens Ahead Of Eurozone PMI Data (08 hr(s), 32 min(s), 59 sec(s) ago)
(RTTNews) - At 4.00 am ET Friday, IHS Markit is scheduled to issue Eurozone composite PMI data. Th ...Full Story»

Search

FOREX NEWS

Dollar Little Changed As Trading Week Draws To A Close

09/22/2017 - 15:01 PM (RTTNews)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon ...Full Story>>

Pound Extends Decline Amid U.K. PM Theresa May's Brexit Speech

09/22/2017 - 10:48 AM (RTTNews)
(RTTNews) - The pound continued to be lower against its major counterparts in early New York deals ...Full Story>>

Canadian Dollar Eases After Inflation Data

09/22/2017 - 09:14 AM (RTTNews)
(RTTNews) - The Canadian dollar retreated from its early highs against its major counterparts in t ...Full Story>>

Loonie Falls After Canada CPI, Retail Sales

09/22/2017 - 08:31 AM (RTTNews)
(RTTNews) - Following the release of Canada inflation for August and retail sales for July at 8:30 ...Full Story>>

Loonie Mixed Ahead Of Canada CPI, Retail Sales

09/22/2017 - 08:25 AM (RTTNews)
(RTTNews) - Statistics Canada will release Canada inflation for August and retail sales for July a ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.