Dollar Advances As Strong U.S. Consumer Inflation Backs Fed Rate Hike Hopes
14 Février 2018 - 10:42AM
RTTF2
The U.S. dollar firmed against its major counterparts in the
European session on Wednesday, as better than forecast U.S.
consumer inflation data in January bolstered hopes that the Federal
Reserve will raise interest rates faster than previously
anticipated.
Data from the Labor Department showed that U.S. consumer prices
increased more than anticipated in the month of January.
The Labor Department said its consumer price index climbed by
0.5 percent in January after edging up by a revised 0.2 percent in
December.
Economists had expected consumer prices to rise by 0.3 percent
compared to the 0.1 percent uptick originally reported for the
previous month.
Excluding food and energy prices, core consumer prices rose by
0.3 percent in January after inching up by 0.2 percent in December.
Core prices had been expected to increase by 0.2 percent.
Meanwhile, the Commerce Department report showed that U.S.
retail sales unexpectedly decreased in the month of January.
The Commerce Department said retail sales fell by 0.3 percent in
January compared to economist estimates for a 0.2 percent uptick in
sales.
U.S. weekly jobless claims, producer price index, Empire State
manufacturing survey, industrial production and housing market
index are due on Thursday, while housing starts, import and export
prices and consumer sentiment are due on Friday.
The currency dropped against its major rivals in the Asian
session.
Bouncing off from an early 15-month low of 106.84 against the
Japanese yen, the greenback rose back to 107.54. The greenback is
likely to challenge resistance around the 110.00 level.
Data from the Cabinet Office showed that Japan's gross domestic
product advanced a seasonally adjusted 0.1 percent on quarter in
the fourth quarter of 2017.
That was shy of expectations for a gain of 0.2 percent and down
from 0.6 percent in the third quarter.
The greenback advanced to a 2-day high of 1.2276 against the
euro, from a weekly low of 1.2393 hit at 10:45 pm ET. Further
uptrend for the greenback is likely to see it finding resistance
around the 1.20 mark.
Flash estimate from Eurostat showed that the euro area economy
grew at a slightly slower pace in the fourth quarter.
Gross domestic product climbed 0.6 percent sequentially,
following third quarter's 0.7 percent expansion. The rate came in
line with the preliminary flash estimate published on January
30.
The greenback climbed to a 2-day high of 1.3800 against the
pound, following a decline to 1.3921 at 10:45 pm ET. If the
greenback extends rise, 1.36 is seen as its next resistance
level.
The greenback bounced off to 0.9371 against franc, from an 8-day
low of 0.9307 seen at 10:45 pm ET. The greenback is seen finding
resistance around the 0.96 region.
The greenback climbed to a 2-day high of 0.7242 against the
kiwi, 5-day highs of 0.7778 against the aussie and 1.2649 against
the loonie, reversing from its early weekly lows of 0.7336 and
0.7890 and a 2-day low of 1.2561, respectively. The next possible
resistance for the greenback is seen around 0.70 against the kiwi,
0.76 against the aussie and 1.28 against the loonie.
U.S. business inventories for December will be out at 10:00 am
ET.
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