US dollar rises despite cooling PCE data

NEW YORK, Nov. 30 (Xinhua) -- The U.S. dollar rose in late trade Thursday, despite the latest data showing that U.S. inflation eased in October.

The dollar index, which measures the dollar against six major peers, rose 0.72 percent to 103.4996 in late trade.

October's annual personal consumption expenditures (PCE) price index, reported by the US Bureau of Economic Analysis on Thursday, came in as expected at 3 percent, down from the previous year's growth of 3.4 percent. Also for October, the annual Core PCE price index matched consensus expectations of 3.5 percent, down from the previous rate of 3.7 percent.

Despite cooling inflation and a mixed labor market, the US dollar and US Treasury yields rebounded from recent lows. Some analysts suggested that the dollar may have experienced a rally due to demand at the end of the month, attributed to investors settling their positions for November. This month was marked by a significant decline in the US currency as the market anticipated future rate cuts.

Conversely, others predicted a drop in the dollar's value at the end of the month, given the sharp rally in stocks throughout November. Analysts noted indications of dollar selling at major US banks. Vassili Serebriakov, a foreign exchange strategist at UBS in New York, commented, "We expected a dollar sell-off at the end of the month due to the significant rise in US stocks. This usually means that foreign asset managers would have engaged in selling dollars on futures." ."

In late New York trade, the euro fell to $1.0890 from $1.0982 in the previous session, after euro zone inflation fell more than forecast this month, fueling bets on early rate cuts by the European Central Bank. The British pound was down to $1.2623 from $1.2707 in the previous session.

The US dollar bought 148.1980 Japanese yen, higher than 147.2500 Japanese yen in the previous session. The US dollar increased to 0.8752 Swiss francs from 0.8729 Swiss francs and it eased to 1.3568 Canadian dollars from 1.3584 Canadian dollars. The US dollar rose to SEK 10.4931 from SEK 10.3537.


https://nord.news/2023/12/01/us-dollar-rises-despite-cooling-pce-data/?feed_id=57238

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