Dollar edges up after inflation data

Economies.com
2024-02-29 21:46PM UTC

Dollar rose against most major rivals on Thursday following US inflation data, which could have an impact on Fed monetary policies. 

 

The data released earlier today showed US personal spending rose 0.3% in January m/m, and 2.4% y/y, slowing down slightly from December.

 

Core spending rose 0.4% m/m in January, and 2.8% y/y, also slowing from December. 

 

Such data showed that inflation is ever so slightly losing steam in accordance with Fed’s plans. 

 

On the other hand, US labor data showed unemployment claims rose 13 thousand to 215 thousand in the week ending February 24. 

 

Following the collective data, US two-year treasury yields fell by 3 basis points to 4.619%, while 10-year yields fell by 4 basis points to 4.232%. 

 

The dollar index rose 0.1% as of 21:28 GMT to 104.1, with a session-high at 104.2, and a low at 103.6. 

 

Loonie 

 

The Canadian dollar stabilized at 0.7364 as of 21:43 GMT.

 

Earlier government data showed Canada’s GDPgrowth  flat in December, while analysts expected a 0.2% growth rate. 

 

Aussie

 

The Australian dollar stabilized at 0.6499 against its US counterpart as of 21:43 GMT. 

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