U.S. Dollar Roughly Flat After Seeing Overnight Strength
February 17 2023 - 11:24AM
RTTF2
After seeing considerable strength overnight, the value of the
U.S. dollar has shown a notable pullback over the course of trading
on Friday.
The U.S. dollar index is currently up just 0.01 points or less
than a tenth of a percent at 103.87 after reaching its highest
intraday level in over a month.
The greenback is trading at 134.19 yen versus the 133.94 yen it
fetched at the close of New York trading on Thursday. Against the
euro, the dollar is valued at $1.0694 compared to yesterday's
$1.0674.
Overnight, the dollar benefitted from ongoing concerns about the
outlook for interest rates following this week's batch of economic
data.
Reports on consumer and producer price inflation and retail
sales have led to worries the Federal Reserve could raise rates
higher than currently anticipated.
Recent comments from Fed officials have added to the concerns,
with some suggesting the central bank could raise rates by another
50 basis points next month.
The subsequent pullback by the dollar came as treasury yields
turned lower despite the concerns about the outlook for interest
rates, with the benchmark ten-year yield pulling back off its
highest levels in well over a month.
On the U.S. economic front, the Labor Department released a
report showing a modest decrease in U.S. import prices in the month
of January.
The Labor Department said import prices dipped by 0.2 percent in
January after edging down by a revised 0.1 percent in December.
Economists had expected import prices to slip by 0.2 percent
compared to the 0.4 percent increase originally reported for the
previous month.
Meanwhile, the report said export prices climbed by 0.8 percent
in January after plunging by a revised 3.2 percent in December.
The increase surprised economists, who had expected export
prices to edge down by 0.2 percent compared to the 2.6 percent
slump originally reported for the previous month.
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