U.S. Dollar Moves Notably Higher Amid Interest Rate Concerns
24 Febbraio 2023 - 5:23PM
RTTF2
After turning in a relatively lackluster performance over the
two previous days, the value of the U.S. dollar has moved notably
higher during trading on Friday.
The U.S. dollar index is climbing 0.64 points or 0.6 percent to
105.24, reaching its best levels in over two months.
Currently, the greenback is trading at 136.43 yen versus the
134.70 yen it fetched at the close of New York trading on Thursday.
Against the euro, the dollar is valued at $1.0547 compared to
yesterday's $1.0596.
The dollar has benefited from its appeal as a safe haven amid
ongoing concerns about the outlook for interest rates.
Adding to recent interest rate worries, the Commerce Department
released a report showing an unexpected acceleration in the annual
rate of growth by core consumer prices in the month of January.
The report said annual growth by core consumer prices, which
exclude food and energy prices, accelerated to 4.7 percent in
January from an upwardly revised 4.6 percent in December.
Economists had expected the annual rate of growth by core
consumer prices to slow to 4.3 percent from the 4.4 percent
originally reported for the previous month.
Including food and energy prices, consumer price growth also
accelerated to 5.4 percent in January from 5.3 percent in December.
The rate of growth was expected to slow to 4.9 percent.
Paul Ashworth, Chief North America Economist at Capital
Economics, called the data "another sign that the Fed might have to
leave its policy rate higher for longer."
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