U.S. Dollar Mixed After Consumer Price Inflation
20 Janvier 2016 - 10:20AM
RTTF2
The U.S. dollar was trading mixed against its major rivals in
European deals on Wednesday, after data showed that consumer prices
turned negative in December amid plunging oil prices and a strong
currency.
Data from the U.S. Department of Labor showed that the consumer
price index, a key gauge of retail inflation, slipped 0.1 percent
for December.
This came as a surprise to economists, who had expected the
measure to remain flat.
Meanwhile, the Commerce Department report showed that the pace
of newly started home building projects unexpectedly slowed down in
December.
According to new government statistics, housing starts fell 2.5
percent in December. This brought the annual rate to 1.149 million
units compared to November's revised pace of 1.179 million.
Economists had expected the measure to rise to an rate of 1.2
million.
The greenback was lower against most major rivals in Asian
trading, as continued sell-off in oil stocked fears about global
economy. The latest worries come as the International Energy Agency
warned that the oil market could "drown in oversupply" until at
least late 2016.
The greenback was trading at 1.0892 against the euro, following
a 5-day decline to 1.0976 at 3:15 am ET. If the greenback extends
gain, 1.07 is possibly seen as its next resistance level.
The greenback that reversed from an early 5-day low of 0.9992
against the Swiss franc was trading steady around 1.0016. The pair
was worth 1.0028 when it ended yesterday's deals.
Survey results from the Centre for European Economic
Research/ZEW showed that Switzerland's economic confidence declined
markedly to a six-month low in January.
The ZEW-CS-Indicator for the economic sentiment declined 19.6
points to -3 in January. This was the lowest reading since July
2015, when it hit -5.4 points.
The greenback re-entered the negative territory against its U.K.
rival with the pair trading at 1.4191, off early near 7-year high
of 1.4125. At yesterday's close, the pair was trading at 1.4156.
The greenback is likely to challenge support around the 1.43
mark.
Data from the Office for National Statistics showed that the
U.K. unemployment rate fell further in three months to November and
the employment rate hit a record high.
The ILO unemployment rate was 5.1 percent versus 5.8 percent in
the same period of last year. It has not been lower since August to
October 2005, the ONS said.
The greenback was trading steady at 116.85 against the Japanese
yen, after recovering from its early 5-month low of 115.97. The
greenback-yen pair was quoted at 117.62 at yesterday's close.
Looking ahead, the Bank of Canada's interest rate decision is
due at 10:00 am ET. Economists expect the bank to cut its rates
from 0.50 percent to 0.25 percent.
US Dollar vs NOK (FX:USDNOK)
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US Dollar vs NOK (FX:USDNOK)
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