Dollar steadies as strong U.S. inflation tempers chance of aggressive Fed rate cut
Friday, 12 July 2019 07:48 WIB | CURRENCIES |DOLLAR Indeks DolarDolar ASUSD

The dollar was steady on Friday, having regained some traction against its peers after stronger-than-expected U.S. inflation data tempered the prospect of an aggressive Federal Reserve interest rate cut later this month.

The core U.S. consumer price index excluding food and energy components rose 0.3% in June, the largest increase since January 2018, data on Thursday showed.

The signs of a pick-up in underlying inflation, along with separate data on weekly jobless claims showing the labor market remained solid, curbed financial market expectations of a more aggressive 50 basis point cut at the Fed™s July 30-31 meeting.

Markets are still fully priced for a quarter percentage point cut as U.S. policymakers seek to support a slowing economy.

The dollar was little changed at 108.490 yen after rebounding from a low of 107.860 plumbed on Thursday in response to dovish comments from Fed Chairman Jerome Powell, which had revived the chance of a 50 basis-point cut.

The dollar index against a basket of six major currencies stood little changed at 97.081 after retracing much of its losses on Thursday, when it had briefly stooped to a six-day low of 96.795.

Source : Reuters

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