15.4 C
Monday, March 20, 2023
HomeLatestU.S. dollar plunges on softer-than-expected inflation data

U.S. dollar plunges on softer-than-expected inflation data


NEW YORK, Nov. 10 (Xinhua) — The U.S. dollar fell sharply in late trading on Thursday after data showing signs of inflation improvement in October U.S. consumer price index (CPI).

The dollar index, which measures the greenback against six major peers, shed 2.12 percent to 108.2040.

In late New York trading, the euro rose to 1.0183 U.S. dollars from 1.0005 dollars in the previous session, and the British pound increased to 1.1696 U.S. dollars from 1.1344 dollars in the previous session.

The U.S. dollar bought 141.84 Japanese yen, lower than 146.64 Japanese yen of the previous session. The U.S. dollar fell to 0.9666 Swiss francs from 0.9857 Swiss francs, and it was down to 1.3352 Canadian dollars from 1.3534 Canadian dollars. The U.S. dollar decreased to 10.6139 Swedish Kronor from 10.8935 Swedish Kronor.

The U.S. Labor Department reported Thursday that the country’s CPI rose 0.4 percent in October, below the 0.6 percent consensus, for a 7.7 percent year-on-year increase. The core CPI, which excludes food and energy, rose 0.3 percent, also below the consensus estimate, for a 6.3 percent year-on-year increase.

The softer-than-expected October CPI report fueled market expectations for a less hawkish Federal Reserve, experts noted.