2023-10-13 07:25:51
Meanwhile, the Chinese yuan and the Australian and New Zealand dollars survived the negative impact of weak consumer and producer price data in China, as the slow pace of decline in trade statistics gave some hope for the stability of the currencies.
The dollar received support after data on Thursday showed that consumer prices in the United States rose due to a jump in rental costs in September.
Although the steady moderation in core inflation pressures has strengthened expectations that the US Federal Reserve will not raise interest rates next month, the data came to increase the chances that interest rates will remain high for some time.
“September CPI data reveals further challenges in the latest ongoing efforts to push inflation towards the Fed’s two per cent target,” said David Doyle, head of economics at Macquarie.
The dollar index, which measures the performance of the US currency against six major currencies, fell slightly to 106.38 during Asian business hours, abandoning the highest level recorded on Thursday at 106.6.
The euro rose approximately 0.2 percent to $1.0549 after falling overnight against the dollar, and the British pound also rose 0.2 percent to $1.2202.
Investors were also evaluating the impact of producer and consumer price data out of China, which showed that deflationary pressures were slightly stronger than expected.
At the same time, Chinese trade data for September showed that exports and imports contracted at a slower pace for the second month, providing some stimulus to the authorities.
The yuan did not witness any significant change in external transactions after the release of the data, as it recorded $7.3061.
The Australian dollar settled in the latest trading at $0.6317.
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