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 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. 




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. 




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

Forex and Currency News

Forex News


Fed Chair: Driving down inflation towards target could take longer than expected
2024-04-16 20:10PM UTC
Fed Chair Jerome Powell said in a symposium earlier today that inflation has stiffened and held in ...
Forex News


US retail sales beat expectations in March
2024-04-15 12:39PM UTC
US retail sales rose 0.7% in March, beating estimates of a 0.4% increase, while down from 0.9% in ...
EUR/USD news


Euro tries to recoup from five-month trough amid bearish outlook
2024-04-15 08:41AM UTC
Euro rose in European trade on Monday against a basket of major rivals amid attempts to recoup from ...

Forex Technical Analysis

USD CHF Analysis


The USDCHF price still positive – Forecast today - 17-04-2024
2024-04-17 03:38AM UTC
USDCHF Price Analysis Expected Scenario The USDCHF price's recent trades are confined ...
NZD USD Analysis


The NZDUSD price tests the resistance – Forecast today - 17-04-2024
2024-04-17 03:38AM UTC
NZDUSD Price Analysis Expected Scenario The NZDUSD price has initiated positive trades at ...
AUD USD Analysis


The AUDUSD price faces solid support – Forecast today - 17-04-2024
2024-04-17 03:38AM UTC
AUDUSD Price Analysis Expected Scenario The AUDUSD price has initiated positive trades at ...