Dollar declines over 1% after data, Powell's statements

Economies.com
2022-12-01 18:49PM UTC

Dollar fell against a basket of major rivals, extending the losses after recent US data while markets assess Fed Chair Jerome Powell's policy statements.

 

Fed Chair Jerome Powell said the pace of rate hikes will be slowed down starting from the December meeting as the bank rebalances its risks.

 

However he cautioned that monetary policies will remain tight for the time being until inflation is brought back to normality.

 

Following the remarks, markets now put an 80% chance of a 0.5% rate hike by the Fed in December, and a 20% only for a 0.75% rate hike.

 

Recent US data showed personal income rose 0.8% in October, matching analysts' expectations, beating estimates of 0.6%.

 

US unemployment claims fell to 225 thousand in the week ending November 26 past estimates of 234 thousand, and down from 241 thousand in the previous reading.

 

US ISM manufacturing PMI tumbled to 49 in November from 50.2 in the previous reading, moving past estimates of 49.7.

 

The dollar index fell 1.1% to 104.7 as of 18:27 GMT, with a session-high at 105.9, and a low at 104.6. 

Forex and Currency News

Forex News

Forex

The dollar declines after weak US data
2024-03-01 21:25PM UTC
The dollar declined against most major rivals on Friday following weak data and speculation about ...
EUR/USD news

Forex

Euro gains ground ahead of European inflation data
2024-03-01 08:14AM UTC
Euro rose in European trade on Friday against a basket of major rivals, holding above one-week lows ...
Forex News

Forex

Dollar edges up after inflation data
2024-02-29 21:46PM UTC
Dollar rose against most major rivals on Thursday following US inflation data, which could have an ...

Forex Technical Analysis

GBP USD Analysis

Forex

Midday update for the GBPUSD 01-03-2024
2024-03-01 10:39AM UTC
The GBPUSD pair keeps its stability below 1.2650, to keep the correctional bearish trend valid for ...
EUR USD Analysis

Forex

Midday update for the EURUSD 01-03-2024
2024-03-01 10:39AM UTC
The EURUSD pair fluctuates around the EMA50 since morning, and didn’t show any strong move ...
GBP USD Analysis

Forex

The GBPUSD breaks the support - Analysis - 01-03-2024
2024-03-01 08:47AM UTC
The GBPUSD pair faced clear negative pressure yesterday, as it broke 1.2650 level and closed the ...