U.S. Dollar Advances After PCE Inflation Data
2024-07-25
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(fxcue news) - The U.S. dollar climbed against its major counterparts in the New York session on Friday, after a data showed that the personal consumption expenditures price index crept up in line with economist estimates in the month of June.
The PCE price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.
The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.
Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.
The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.
The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.
The greenback rebounded to 1.3831 against the loonie, 0.6550 against the aussie and 0.5883 against the kiwi, from its early lows of 1.3808, 0.6566 and 0.5904, respectively.
The greenback recovered to 1.2852 against the pound. This may be compared to a previous more than 2-week high of 1.2845.
Against the franc, the greenback rose to 0.8844.
The greenback remained higher against the yen, at a 2-day high of 154.73.
The currency is likely to locate resistance around 1.39 against the loonie, 0.63 against the aussie, 0.57 against the kiwi, 1.26 against the pound, 0.92 against the franc and 164.00 against the yen.
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