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Forex News: U.S. Dollar Moves Modestly Higher Versus Euro, Yen

U.S. Dollar Moves Modestly Higher Versus Euro, Yen

01/11/2019 - 15:07:00 (RTTNews)

(RTTNews) - The U.S. dollar has moved modestly higher versus the euro and the yen on Friday, although traders seem reluctant to make more significant moves.

Currently, the dollar is trading at 108.49 yen compared to the 108.43 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1465 compared to yesterday's $1.1500.

The British pound has moved notably higher versus the dollar, however, with the pound valued at 1.2844 compared to the dollar.

The dollar has partly benefited from its appeal as a safe haven amid concerns about the ongoing government shutdown and skepticism about a potential trade deal between the U.S. and China.

On the economic front, the Labor Department released a report showing a slight drop in consumer prices in the month of December.

The Labor Department said its consumer price index slipped by 0.1 percent in December after coming in unchanged in November. The slight drop in consumer prices matched economist estimates.

Energy prices showed another significant decrease during the month, plunging by 3.5 percent in December following a 2.2 percent slump in the previous month.

A steep drop in gasoline prices led the way lower, with gas prices plummeting by 7.5 percent in December after tumbling by 4.2 percent in November.

On the other hand, the report said food prices climbed by 0.4 percent in December, the largest increase since May of 2014. Prices for fruits and vegetables surged higher.

Excluding food and energy prices, the core consumer price index rose by 0.2 percent in December, matching the increases seen in the two previous months as well as expectations.

Higher prices for shelter, recreation, medical care, and household furnishings and operations more than offset lower prices for airline fares, used cars and trucks, and motor vehicle insurance.

The report said the annual rate of consume price growth slowed to 1.9 percent in December from 2.2 percent in November, while the annual rate of core consumer price growth was unchanged at 2.2 percent.

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