Dollar Mixed After U.S. Consumer Inflation
12 Novembre 2020 - 10:24AM
RTTF2
The U.S. dollar came in mixed against its major counterparts in
the European session on Thursday, after a report showed that U.S.
consumer inflation was flat in October.
Data from the Labor Department showed that U.S. consumer price
index was unchanged in October after rising by 0.2 percent in
September. Economists had expected another 0.2 percent uptick.
Excluding food and energy prices, consumer prices were still
flat in October after edging up by 0.2 percent in September. Core
prices were also expected to inch up by another 0.2 percent.
Separate data showed that U.S. jobless claims dropped more than
expected in the week ended November 7.
The Labor Department said initial jobless claims fell to
709,000, a decrease of 48,000 from the previous week's revised
level of 757,000.
U.S. infections hit a record, with New York introducing new
restrictions to prevent a second wave wave of Covid-19. Bars,
restaurants and gyms will close by 10 pm ET and the number of
people who could attend private parties will be limited to a
maximum of 10.
The currency showed mixed trading against its major counterparts
in the Asian session. While it rose against the pound, it fell
against the euro and the yen. Versus the franc, it was steady.
The greenback climbed to a 3-day high of 1.3132 against the
pound, compared to yesterday's closing value of 1.3218. Next
immediate resistance for the greenback is likely seen around the
1.28 level.
Data from the Office for National Statistics showed that gross
domestic product grew 15.5 percent sequentially in the third
quarter.
Economists had forecast an expansion of 15.8 percent after
decreasing 19.8 percent in the second quarter and 2.5 percent in
the first quarter.
The greenback rebounded to 0.9165 against the franc, from a
session's low of 0.9133 seen at 5:00 am ET. If the currency rallies
further, 0.94 is seen as its next resistance level. The greenback
dropped to 1.1833 against the euro and was steady thereafter. The
pair was worth 1.1777 when it closed deals on Wednesday.
Final data from Destatis showed that German consumer prices
decreased in October, as initially estimated.
The consumer prices fell 0.2 percent year-on-year in October,
same as seen in September, as initially estimated.
The greenback was lower against the yen, with the pair trading
at 105.21. The pair had closed Wednesday's deals at 105.43. The
greenback is likely to challenge support around the 101.00
level.
Data from the Ministry of Economy, Trade and Industry showed
that Japan's tertiary activity rose for the fourth month in a row
in September.
The tertiary activity index rose 1.8 percent month-on-month in
September, following a 0.8 percent increase in August.
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