Dollar dives as investors cheer after US inflation misses forecasts - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The dollar languished on Friday after US inflation data came in cooler than expected, raising market hopes that inflation may have peaked and that the Federal Reserve will begin scaling back its hefty interest rate increases.

Figures showed that the consumer price index rose 7.7% year-on-year in October, the smallest gain since January and below forecasts of an 8% increase.

“The overnight moves in the dollar were pretty sharp … I do think the results in the US CPI for October will support the case for a downshift in the FOMC rate hike in December,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia. In early Asia trade, the dollar was fighting to recoup some of its losses, with the euro last 0.31% lower at $1.0179, after rising nearly 2% overnight.The pound clung to most of its overnight gains and was last down 0.32% at $1.1673, while the Aussie slipped 0.42% to $0.65915.

 

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