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Forex News: U.S. Dollar Showing Modest Move To The Downside

U.S. Dollar Showing Modest Move To The Downside

01/13/2022 - 16:22:00 (RTTNews)

(RTTNews) - Extending the downward move seen over the past two days, the value of the U.S. dollar is seeing modest weakness during trading on Thursday.

The U.S. dollar index has regained some ground after hitting a two-month low of 95.02 but remains down 0.04 points or less than a tenth of a percent at 94.87.

Currently, the dollar is trading at 114.12 yen versus the 114.64 yen it fetched at the close of New York trading on Wednesday. Against the euro, the greenback is valued at $1.1454 compared to yesterday's $1.1442.

The continued drop by the dollar comes after another reading on U.S. inflation, with a report from the Labor Department showing only a slight uptick in U.S. producer prices in the month of December.

The Labor Department said its producer price index for final demand edged up by 0.2 percent in December after jumping by an upwardly revised 1.0 percent in November.

Economists had expected producer prices to rise by 0.4 percent compared to the 0.8 percent increase originally reported for the previous month.

The report also showed the annual rate of producer growth slowed to 9.7 percent in December from a record high 9.8 percent in November.

Meanwhile, a separate report from the Labor Department showed an unexpected increase in initial jobless claims in the week ended January 8th.

The report said initial jobless claims rose to 230,000, an increase of 23,000 from the previous week's unrevised level of 207,000. Economists had expected jobless claims to edge down to 200,000.

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