The dollar fell sharply on Thursday after US consumer prices rose less than expected last month as data indicated that core inflation had already peaked, paving the way for the Federal Reserve to slow the pace of prices. its massive increases in interest rates.
The Labor Department said the CPI rose 0.4% in October, the same rate as the previous month’s increase. Economists interviewed by Reuters had expected the CPI to rise by 0.6%.
The core CPI, which excludes food and energy, was up 0.3% over the month, after rising 0.6% in September.
The dollar index fell 1.495 percent, while the euro rose 1.37 percent to $ 1.0148, while the Japanese yen rose 2.18 percent against the dollar to yen 143.30 .
The dollar rose more than 16% questyear, but has lost some of its momentum in recent weeks, in hopes that the Federal Reserve will begin to reduce the magnitude of its interest rate hikes after four consecutive hikes of 75 basis points.
Analysts said a cryptocurrency crisis is also negatively impacting investor sentiment. Binance Stock Exchange announced Wednesday that it was reneging on a bailout deal with rival FTX, leaving FTX CEO Sam Bankman-Fried struggling to explore all options on the table as his company is on the brink of collapse.
Bitcoin was up 10.08% to $ 17,478 after falling to less than $ 16,000 in the previous session for the first time since late 2020. The currency plummeted more than 60%. quest’year.
The FTX (FTT) cryptocurrency rose 96% during the session to $ 2,977, although it has so far recorded a monthly loss of around 90%.
Read More About: Business News