Sat, November 26, 2022

US Dollar Stabilizes as Fed Warns on Inflation

U.S. dollar and other major currencies

The U.S. dollar maintained stability on Monday after a bruising fall last week as Fed Governor Christopher Waller clarified that the CB was not easing its fight against inflation. The dollar index fell 3.6 percent in two sessions over the past week, the second-biggest decline since March 2009, after Thursday’s slightly below-expected inflation data.

Investors rushed into risky assets in expectation of less rapid rate increases from the Fed as global equities advanced. Federal Reserve Governor Christopher Waller stated that markets were “way out in front” and added that rates would not fall until there was “definite, strong” evidence of inflation declining, citing the muted October Consumer Price Index (CPI) numbers. In the meantime, San Francisco Fed President Mary Daly suggested that investors should begin to think about the level of interest rate increases rather than the speed.

According to Friday’s survey, U.S. consumer sentiment declined in November, dragged down by persistent worries about inflation and rising borrowing costs. After plunging as low as 4.29% on Friday, the two-year yield in the United States (US2YT=RR) climbed to 4.41%.

More on Forex Data

Meanwhile, with the collapse of the crypto exchange FTX, cryptocurrencies are still under fire from the continuing chaos in the crypto community. FTT FTT=CCCL, FTX’s native currency, has seen its month-to-date losses climb to nearly 95% after losing 4% to $1.36. At $16,170, bitcoin BTC=BTSP dipped by around 1%.

After gaining 5.4% versus the dollar last week, the Japanese yen JPY=EBS fell 0.24% versus the dollar to 139.12 per dollar. At $1.0331, the euro fell 0.2% to finish at its lowest point in a month. Sterling GBP=D3 is currently trading at $1.1798, down 0.31% daily. The dollar index, which has dropped 0.094% to 106.610 today, slightly differs from yesterday’s low of 106.27. The offshore Chinese currency CNH=D3 weakened 0.23% to $7.0723 per dollar on the day. The yuan climbed as Chinese health officials eased some of the nation’s stringent COVID-19 limits on Friday.

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