New York Money Market Conditions: Dollar Depreciates

InfoQuest – The US dollar weakened against major currencies in trading on the New York Forex Exchange on Friday (Jan 26) after the United States released data on inflation rising slightly in December and trending down. This will encourage the Federal Reserve (Fed) to reduce interest rates by the middle of this year.

The dollar index, which measures the dollar’s movement against six major currencies, fell 0.13% to 103.434.

Trading volume was lighter in the afternoon before the weekend. And investors wait for the release of important US economic data, such as January non-agricultural employment data, a meeting of the Federal Reserve (Fed), and the US Treasury Department will announce the government’s borrowing plan for the next quarter.

The dollar weakened After the US Department of Commerce revealed that The Headline PCE price index, which includes food and energy categories, rose 2.6% year-on-year in December. In line with analysts’ forecasts from 2.6% in November.

On a monthly basis, the general PCE index rose 0.2% in December, in line with analysts’ expectations. After falling 0.1% in November.

As for the Core PCE Index (Core PCE), which does not include food and energy categories. And it is a measure of inflation that the Federal Reserve (Fed) gives importance to, rising 2.9% in December year-on-year. This was lower than analysts’ expectations of 3.0% and down from 3.2% in November.

On a monthly basis, the core PCE index rose 0.2% in December, in line with analysts’ expectations. but increased from 0.1% in November.

The PCE index is considered a measure of inflation that can detect changes in consumer behavior. and covers the prices of goods and services more broadly than the Consumer Price Index (CPI).

The dollar rose 0.3% to 148.06 yen but fell 0.3% this week. This is the weekly decrease since Dec. 25.

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