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Forex News: U.S. Dollar Showing Another Notable Move To The

U.S. Dollar Showing Another Notable Move To The Downside

11/07/2022 - 16:44:00 (RTTNews)

(RTTNews) - The value of the U.S. dollar has shown a notable move to the downside during trading on Monday, extending the sharp pullback seen last Friday.

After reaching a high of 111.27 overnight, the U.S. dollar index has slid firmly into negative territory and is down 0.70 points or 0.6 percent at 110.18.

The greenback is trading at 146.64 yen versus the 146.62 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0021 compared to last Friday's $0.9957.

The extended pullback by the dollar has been attributed to traders moving their money into riskier assets, with stocks on Wall Street posting strong gains for two straight sessions.

Traders are also looking ahead to the U.S. midterm elections on Tuesday and the release of consumer price inflation data on Thursday.

The midterm elections will determine whether Democrats maintain control of Congress, while the inflation data could impact the outlook for interest rates.

Economists expect a modest slowdown in the annual rate of consumer price growth, which could bolster the case for a slowdown in the pace of rate hikes.

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