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U.S. Dollar Higher As Core Inflation Accelerates

08:58, 30th September 2022

(RTTNews) - The U.S. dollar held firm against its major opponents in the New York session on Friday, as core personal consumption expenditure price index, the Federal Reserve's preferred measure of inflation, increased more than expected in August, supporting expectations that the central bank will continue to raise rates aggressively.

Data from the Commerce Department showed that the annual rate of core consumer price growth accelerated to 4.9 percent in August from a revised 4.7 percent in July.

Economists had expected the annual rate of growth in core consumer prices, which exclude food and energy prices, to tick up to 4.7 percent from the 4.6 percent originally reported for the previous month.

Personal income rose by 0.3 percent in August, matching the upwardly revised increase in July as well as expectations.

The report showed personal spending also climbed by 0.4 percent in August after edging down by a revised 0.2 percent in July.

Economists had expected personal spending to inch up by 0.2 percent compared to the 0.1 percent uptick originally reported for the previous month.

Risk sentiment deteriorated as investors remain worried that the aggressive policy tightening to control inflation could trigger a recession.

The greenback rebounded to 144.76 against the yen, from a low of 144.20 seen at 4:55 am ET. If the greenback extends rise, 148.00 is possibly seen as its next resistance level.

The greenback was trading at 1.1100 against the pound, up from a 1-week low of 1.1235 hit at 4:35 am ET. On the upside, 1.05 is possibly seen as its next resistance level.

The greenback edged up to 0.9734 against the euro, following an 8-day low of 0.9854 set at 4:20 am ET. The greenback is likely to face resistance around the 1.00 level.

The greenback reached as high as 0.5657 against the kiwi, after a 4-day drop to 0.5751 at 7:30 pm ET. The greenback is seen facing resistance around the 0.54 level.

The greenback rose to 0.6450 against the aussie and 1.3752 against the loonie, up from its prior lows of 0.6524 and 1.3658, respectively. The greenback is poised to find resistance around 0.60 against the aussie and 1.40 against the loonie.

The greenback appreciated to 0.9820 against the franc, after hitting an 8-day low of 0.9738 at 6:10 pm ET. Next near term resistance for the greenback is likely seen around the 1.00 level.

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