Economic data contribute to strengthening of dollar
2023.02.16 10:13
Economic data contribute to strengthening of dollar
By Ray Johnson
Budrigannews.com – The Federal Reserve will need to keep monetary policy tight for some time to bring inflation down, according to data that showed U.S. producer prices for January came in higher than expected and jobless claims fell.
The U.S. producer price index rebounded to 0.7 percent, exceeding both the December number, which showed a decrease of 0.2 percent, and the consensus forecast of 0.4 percent.
A Reuters poll found that data on U.S. jobless claims showed a strong labor market, with 194,000 claims as opposed to 200,000 expectations.
At 104.02, the dollar index was last up 0.2 percent. The dollar rose against the yen, reaching 134.225 yen, slightly higher than the previous day, while the euro fell 0.1% to $1.0671.
