USD Holds Near 5-Month Low on US Inflation Concerns
In a fragile holiday trading session on Tuesday, the US Dollar Index remained at 101.6, hovering close to its lowest point in five months. This comes as additional signs of declining US inflation reinforce bets on the Federal Reserve initiating interest rate cuts next year.
Published data on Friday revealed that the core PCE index, the Fed's preferred inflation gauge, dropped to 3.2% in November from October's 3.4%, below the anticipated 3.3%.
Moreover, Thursday's figures showed weaker-than-expected economic growth in the US for Q3, along with a slight increase in unemployment benefit claims in the recent period.
The US dollar trades near multi-month lows against major currencies, facing the risk of further depreciation compared to the yen. This concern amplifies as BOJ Governor Kazuo Ueda stated on Monday that the likelihood of achieving the 2% inflation target is "gradually increasing."
Published data on Friday revealed that the core PCE index, the Fed's preferred inflation gauge, dropped to 3.2% in November from October's 3.4%, below the anticipated 3.3%.
Moreover, Thursday's figures showed weaker-than-expected economic growth in the US for Q3, along with a slight increase in unemployment benefit claims in the recent period.
The US dollar trades near multi-month lows against major currencies, facing the risk of further depreciation compared to the yen. This concern amplifies as BOJ Governor Kazuo Ueda stated on Monday that the likelihood of achieving the 2% inflation target is "gradually increasing."
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