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The U.S. dollar index fell on the 13th as the market digested U.S. CPI data

2024-03-14

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As the market gradually digested the latest U.S. inflation data, the U.S. dollar weakened against the euro (1.0951, 0.0002, 0.02%), British pound (1.2802, 0.0007, 0.05%), Canadian dollar and Swedish krona on the 13th, and the U.S. dollar weakened against the Japanese yen (147.56, -0.0700, -0.05%) and the Swiss franc strengthened, and the U.S. dollar index (102.7571, -0.0377, -0.04%) overall fluctuated lower on the day.

The U.S. dollar index, which measures the U.S. dollar against six major currencies, fell 0.16% that day and closed at 102.789 in late foreign exchange trading.

Karl Schamotta, chief market strategist at Cambridge Global Payments, said that the U.S. consumer price index in February will have minimal impact on the Federal Reserve’s monetary policy in the near future.

Shamotta said, however, that central bank officials should become slightly more hawkish next month, which would make it possible for the dollar to strengthen.

Vladimir Zernov, a market analyst at the foreign exchange information website FXEmpire, said that day that although the Fed may become more hawkish than before due to recent inflation data, traders are not ready to buy Enter USD.

On that day, the U.S. 10-year Treasury bond yield rose 3.4 basis points to close at 4.194%.

Elsewhere, data released by the British Statistics Department on the 13th showed that UK GDP increased by 0.2% month-on-month in January, in line with market expectations, compared with -0.1% in the previous month. This data stimulated the pound's strength.

Francois Villeroy de Galhau, a member of the Governing Council of the European Central Bank and President of the Bank of France, said that as the victory in the fight against inflation is in sight, the European Central Bank is likely to start cutting interest rates this year, and the time node is expected to be between April and June. .

As of late trading in New York, 1 euro was worth $1.0951, up from $1.0924 on the previous trading day; 1 pound was worth $1.2794, up from $1.2791 on the previous day.

1 U.S. dollar was exchanged for 147.77 Japanese yen, higher than 147.69 yen on the previous trading day; 1 U.S. dollar was exchanged for 0.8783 Swiss francs, higher than 0.8780 Swiss francs on the previous trading day; 1 U.S. dollar was exchanged for 1.3467 Canadian dollars, lower than the previous trading day 1.3496 Canadian dollars; 1 U.S. dollar exchanged for 10.2195 Swedish krona, down from 10.2384 Swedish kronor in the previous trading day.

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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The U.S. dollar index fell on the 13th as the market digested U.S. CPI data

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