Dollar Gains Against Major Counterparts
2024-11-12
4647
(fxcue news) - The U.S. dollar stayed a bit sluggish in the European session on Wednesday, but gained in strength in the New York session on bets interest rates will remain high as Donald Trump's policies might rekindle inflation. Data showing an uptick in consumer price inflation contributed as well to the dollar's rise.
Data from the Labor Department said the consumer price index crept up by 0.2% in October, matching the upticks seen in each of the three previous months as well as expectations.
The report also said the annual rate of consumer price growth accelerated to 2.6% in October from 2.4% in September. The faster growth also came in line with economist estimates.
Excluding food and energy prices, core consumer prices climbed by 0.3% in October, matching the increases seen in each of the two previous months along with expectations. The annual rate of core consumer price growth was unchanged from the previous month at 3.3 percent, which was also in line with estimates.
The dollar index climbed to a 52-week high of 106.54 and was at 106.48 a little while ago, up 0.44% from previous close.
Against the Euro, the dollar strengthened to 1.0566 from 1.0624, and firmed to 1.2710 against Pound Sterling from 1.2749.
The dollar climbed against the Japanese currency, rising to 155.48 yen from 154.62 yen. Against the Aussie, the dollar firmed to 0.6486.
The Swiss franc weakened to 0.8858 a unit of dollar, while the Loonie eased to 1.3997 against the greenback.
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