FOREX TradingCharts.com

Forex News: U.S. Dollar Slides On Slowing Consumer Inflation

U.S. Dollar Slides On Slowing Consumer Inflation

10/11/2018 - 10:15:00 (RTTNews)

(RTTNews) - The U.S. dollar lost ground against its key counterparts in the European session on Thursday, following the release of data showing an unexpected rise in weekly jobless claims last week and a slowdown in consumer inflation for September, which eased concerns about more aggressive path for rate hikes by the Federal Reserve.

Data from the Labor Department showed that the consumer price index inched up by 0.1 percent in September after rising by 0.2 percent in August. Economists had expected prices to increase by another 0.2 percent.

Excluding food and energy prices, core consumer prices also crept up by 0.1 percent in September, matching the uptick seen in the previous month. Core prices had been expected to rise by 0.2 percent.

The report also said the annual rate of consumer price growth slowed to 2.3 percent in September from 2.7 percent in August, while the annual rate of core consumer price growth was unchanged at 2.2 percent.

A separate report released by the Labor Department unexpectedly showed a modest increase in first-time claims for U.S. unemployment benefits in the week ended October 6th.

The report said initial jobless claims rose to 214,000, an increase of 7,000 from the previous week's unrevised level of 207,000. Economists had expected jobless claims to edge down to 206,000.

Treasury yields have moved notably lower following the release of the data, with the yield on the benchmark ten-year note sliding by 5.6 basis points to 3.169 percent.

The currency has been trading lower in the Asian session, following the criticism by U.S. President Donald Trump over the faster pace of rate hikes by the Fed.

The greenback lost 0.4 percent versus the pound, falling to near a 3-week low of 1.3246. The pair had ended Wednesday's trading at 1.3188. The greenback is seen finding support around the 1.35 area.

The greenback depreciated to 1.1599 against the euro, a level unseen since October 1, and represented a 0.7 percent slide from a low of 1.1518 touched at 5:00 pm ET. The greenback is poised to target support around the 1.17 area.

The greenback declined to an 8-day low of 0.6523 against the kiwi, falling 1.2 percent from a low of 0.6445 hit at 5:00 pm ET. The pair was valued at 0.6446 when it had closed deals on Wednesday. On the downside, 0.68 is possibly seen as the next support level for the greenback.

The greenback dropped to 0.7129 against the aussie and 1.3025 against the loonie, after rising to 0.7046 and 1.3066, respectively in early deals. If the greenback falls further, it may find support around 0.725 against the aussie and 1.28 against the loonie.

The greenback fell back to 0.9858 against the franc, a pip short of an 8-day low of 0.9857 seen at 10:00 pm ET. The next possible support for the greenback is seen around the 0.97 level.

On the flip side, the greenback bounced off to 112.42 against the yen, from more than a 3-week low of 111.97 hit at 9:45 pm ET. The greenback is likely to challenge resistance around the 114.00 level.

Data from the Bank of Japan showed that Japan overall bank lending rose 2.3 percent on year in September, coming in at 528.660 trillion yen.

That exceeded expectations for an increase of 2.2 percent, which would have been unchanged from the previous month.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed After NAHB Housing Market Index (02 hr(s), 55 min(s), 02 sec(s) ago)
(RTTNews) - U.S. NAHB Housing Market Index for October has been released at 10.00 am ET Tuesday. F ...Full Story»

Dollar Declines Vs Most Majors Ahead Of NAHB Housing Market Index (03 hr(s), 01 min(s), 02 sec(s) ago)
(RTTNews) - U.S. NAHB Housing Market Index for October will be issued at 10.00 am ET Tuesday. The ...Full Story»

Dollar Little Changed After U.S. Industrial Production Data (03 hr(s), 40 min(s), 01 sec(s) ago)
(RTTNews) - U.S. industrial Production report for September has been published at 9.15 am ET Tuesd ...Full Story»

Dollar Falls Vs Most Majors Ahead Of U.S. Industrial Production Data (03 hr(s), 46 min(s), 02 sec(s) ago)
(RTTNews) - U.S. industrial Production report for September will be published at 9.15 am ET Tuesda ...Full Story»

Japanese Yen Drops Against Majors (03 hr(s), 52 min(s), 02 sec(s) ago)
(RTTNews) - The Japanese yen weakened against its major counterparts in the European session on Tu ...Full Story»

Euro Weakens After German Economic Confidence Deteriorates (05 hr(s), 31 min(s), 02 sec(s) ago)
(RTTNews) - The euro dropped against its major counterparts in the European session on Tuesday, as ...Full Story»

Pound Strengthens As U.K. Wage Growth Accelerates To Near 10-year High (06 hr(s), 43 min(s), 02 sec(s) ago)
(RTTNews) - The pound spiked up against its key counterparts in the European session on Tuesday, a ...Full Story»

Euro Little Changed After German ZEW Survey, Eurozone Trade Data (07 hr(s), 52 min(s), 02 sec(s) ago)
(RTTNews) - Following the release of German ZEW economic sentiment survey for October and Eurozone ...Full Story»

Search

FOREX NEWS

Dollar Little Changed After NAHB Housing Market Index

10/16/2018 - 10:04 AM (RTTNews)
(RTTNews) - U.S. NAHB Housing Market Index for October has been released at 10.00 am ET Tuesday. F ...Full Story>>

Dollar Declines Vs Most Majors Ahead Of NAHB Housing Market Index

10/16/2018 - 09:58 AM (RTTNews)
(RTTNews) - U.S. NAHB Housing Market Index for October will be issued at 10.00 am ET Tuesday. The ...Full Story>>

Dollar Little Changed After U.S. Industrial Production Data

10/16/2018 - 09:19 AM (RTTNews)
(RTTNews) - U.S. industrial Production report for September has been published at 9.15 am ET Tuesd ...Full Story>>

Dollar Falls Vs Most Majors Ahead Of U.S. Industrial Production Data

10/16/2018 - 09:13 AM (RTTNews)
(RTTNews) - U.S. industrial Production report for September will be published at 9.15 am ET Tuesda ...Full Story>>

Japanese Yen Drops Against Majors

10/16/2018 - 09:08 AM (RTTNews)
(RTTNews) - The Japanese yen weakened against its major counterparts in the European session on Tu ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.