Dollar deepens losses after inflation data

2022-01-12 21:00:04 GMT (Economies.com)
Dollar deepens losses after inflation data

The US dollar fell against most currencies on Wednesday, after the release of US inflation data.

 

The US consumer price index rose by 0.5% in December, more than forecasts of 0.4%, and the core reading (excluding energy and food prices) rose 0.8%. 

 

Based on the data, the US consumer price inflation rose to 7%, which is the highest level in the US since 1982.

 

Federal Reserve Chairman Jerome Powell said yesterday that the central bank is ready to accelerate rate hikes to ease the rising inflation.

 

US President Joe Biden commented on the data, saying that it is a sign of the slowdown in the pace of price increases during the past month.

 

The dollar index fell against a basket of major currencies by 0.7% to 94.9 points as of 19:38 GMT, after hitting a high of 95.6 points and a low of 94.9 points.

 
 
 
  Symbol Last Change Chg.%
1.1346
-0.0058
0.5127%
1.3554
-0.0103
0.7569%
Tadawul
12238.77
-35.50
0.29%
24.347
1.336
5.803%
84.900
1.031
1.229%
87.69
-0.69
0.78%
1834.610
14.150
0.777%
 
 
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