Dollar breaks key support, rates outlook seen unchanged by inflation data - 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 was below key support levels on Thursday, having hit new lows overnight, after data showing US consumer prices rose at their fastest rate in nearly 40 years was not deemed worrying enough to change an already hawkish rates outlook.

After a couple of months in a tight range, the dollar dropped 0.6% on the euro overnight to $1.1453, its lowest since mid-November.It also fell 0.6% on the yen, dropping through support around 115 to hit 114.38 yen per dollar, a more than two-week low.The Australian dollar rose more than 1%, its best percentage gain since October, and zoomed through its 50-day moving average to an almost two-month top of $0.7292.

Fed funds futures have already priced three hikes in 2022 and some dollar longs started bailing out since so much is already priced in. Sterling, which has been rallying as traders reckon Britain’s economy can survive a surge in COVID-19 cases and that the Bank of England is going to get started on rate hikes as soon as next month, is testing its 200-day moving average at $1.3708.

 

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