NEW YORK, Aug. 10 (Xinhua) — The U.S. dollar stayed almost flat on Thursday, as buyers digested the U.S. shopper worth index (CPI) report that confirmed a average enhance in July.
The dollar index, which measures the dollar towards six main friends, was up 0.03 % to 102.5222 in late buying and selling.
The U.S. CPI rose 0.2 % final month, matching the acquire in June, the Labor Department reported on Thursday. The CPI climbed 3.2 % within the 12 months by means of July, up from a 3.0 % rise in June, which was the smallest year-on-year acquire since March 2021.
The core CPI, which excludes meals and vitality costs, gained 0.2 % in July, the identical as the rise in June. On the 12-months foundation, the core CPI grew 4.7 % after rising 4.8 % in June.
“The July CPI report offered more convincing evidence that inflation pressures are abating,” EY-Parthenon senior economist Lydia Boussour stated on Thursday.
“Federal Reserve officials will likely look at the report as one more step down the disinflationary path,” Boussour stated. “But with inflation still far from its 2 percent destination, the Fed will likely maintain a hawkish bias and keep the door open to further rate hikes if the data justifies it.”
After a swift drop following the most recent CPI report earlier within the session, the U.S. dollar shortly rebounded as U.S. Treasury bond costs elevated, serving to the dollar regain misplaced floor.
A separate report from the Labor Department on Thursday confirmed preliminary claims for state unemployment advantages elevated 21,000 to a seasonally adjusted 248,000 for the week ending Aug. 5.
The four-week shifting common of claims, a much less risky studying, ticked up by 2,750 to 228,250, in keeping with knowledge.
In late New York buying and selling, the euro was as much as 1.0990 U.S. {dollars} from 1.0975 {dollars} within the earlier session, and the British pound fell to 1.2691 U.S. {dollars} from 1.2724 {dollars}.
The U.S. dollar purchased 144.7080 Japanese yen, larger than 143.6760 Japanese yen of the earlier session. The U.S. dollar decreased to 0.8760 Swiss francs from 0.8773 Swiss francs, and it was as much as 1.3421 Canadian {dollars} from 1.3417 Canadian {dollars}. The U.S. dollar decreased to 10.6760 Swedish Krona from 10.6838 Swedish Krona.