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Forex News: U.S. Dollar Slides After PCE Inflation Data

U.S. Dollar Slides After PCE Inflation Data

06/28/2024 - 10:57:00 (RTTNews)

(RTTNews) - The U.S. dollar declined against its major counterparts in the New York session on Friday, as PCE inflation data came in line with economist estimates in May.

The personal consumption expenditures (PCE) price index came in unchanged in May after rising by 0.3 percent in April. The unchanged reading matched expectations.

The core PCE price index, which excludes food and energy prices, inched up by 0.1 percent in May after climbing by an upwardly revised 0.3 percent in April.

Economists had expected the core PCE price index to tick up by 0.1 percent compared to the 0.2 percent increase originally reported for the previous month.

The Commerce Department said the annual rates of growth by the PCE price index and the core PCE price index both slowed to 2.6 percent from 2.7 percent and 2.8 percent, respectively. The slowdowns also matched estimates.

The greenback fell to 1.0720 against the euro and 1.2662 against the pound, off its early highs of 1.0685 and 1.2621, respectively.

The greenback eased to 0.8979 against the franc, from an early more than 3-week high of 0.9004.

The greenback dropped to 2-day lows of 160.26 against the yen and 0.6678 against the aussie, from an early 38-year high of 161.28 and a 10-day high of 0.6619, respectively.

The greenback weakened to 0.6101 against the kiwi and 1.3676 against the loonie, from an early 1-1/2-month high of 0.6057 and a 10-day high of 1.3734, respectively.

The currency is seen finding support around 1.10 against the euro, 1.31 against the pound, 0.88 against the franc, 147.00 against the yen, 0.68 against the aussie, 0.63 against the kiwi and 1.34 against the loonie.

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