Dollar Falls as Euro Recovers and Yen Pounds Rise
The US dollar declined following higher-than-expected inflation data and Federal Reserve officials' statements indicating a pause in interest rate hikes, despite the relatively increased US inflation. The core Consumer Price Index rose by 0.3% in September, surpassing expectations, while the annual inflation rate increased to 2.6%, and the overall inflation rate exceeded estimates at 3.7%. This led to a decrease in interest rate hike expectations to 50% and narrowed the forex market’s gains for the dollar, with the euro rising by 0.3% and the British pound by 0.2%. The yield on 10-year U.S. Treasury bonds fell to a three-week low, as upcoming Producer Price Index and Retail Sales data are expected to reinforce economic outlooks.
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