© Archyde.com. US dollar coins in an illustrative photo taken on July 17, 2022. Photo: Dado Rovic/Archyde.com.
LONDON/NEW YORK (Archyde.com) – Monday fell in thin trade as investors expected a drop in the U.S. consumer price index and a slower pace of interest rate hikes at the conclusion of the Federal Reserve meeting on Wednesday.
Consumer price inflation data for November will be released on Tuesday, and the reading for core inflation, which excludes food and energy prices, is expected to rise to 6.1 percent, down from 6.3 percent in October.
In late morning trading, it rose 0.1 percent against the dollar to $1.0546.
The dollar did not change much against 0.9348 Swiss francs.
But the dollar rose against the yen 0.5 percent to 137.24 Japanese yen.
The dollar index, which measures the greenback’s value against six major currencies, fell 0.1 percent to $104.92.
This week is one of the busiest for macroeconomic releases since the beginning of the year, as four major central banks hold their final policy meetings for the year, as well as consumer inflation data from the US that could be useful in determining the outlook for US interest rates and the dollar.
The US Federal Reserve, the European Central Bank, the Bank of England and the Swiss National Bank will all make interest rate decisions.
The dollar rose briefly 0.5 percent against the pound after data showed Britain’s economy recovered in October after a public holiday for Queen Elizabeth’s funeral.
In the latest trading, the sterling pound rose 0.2 percent to $ 1.2207, and remained almost unchanged against the euro at 86.03 pence.
(Prepared by Ali Khafaji and Muhammad Ali Farag for the Arabic Bulletin – Edited by Mustafa Saleh)