Dollar wobbles as inflation ebbs, eye on jobs data - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 02/12/2022 06:08:00
📰 SABCNews

⏱ Reading Time:
30 sec. here
2 min. at publisher
📊 Quality Score:
News: 15%
Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The dollar held firm on Friday but was pinned down near 16-week lows against a basket of major currencies as data showing increased US consumer spending in October emboldened investor hopes that the peak in interest rates was on the horizon.

The dollar index, which measures the currency against six major peers including the yen and euro, rose 0.191% at 104.840 but was not far off Thursday’s low of 104.56, the lowest since August 11.

The latest signs of a strong US economy come after Federal Reserve Chair Jerome Powell said on Wednesday that it was time to slow rate hikes, noting that “slowing down at this point is a good way to balance the risks.” Investors now turn their attention to nonfarm payrolls data on Friday for clues about how rate hikes have affected the labour market.

The prospect of the Fed slowing its pace of monetary tightening has rejuvenated investor sentiment and sent the dollar tumbling after four straight 75 basis points hikes that fuelled much of the greenback’s ascent this year.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

International Finance: Stocks rally on Powell, China Covid; dollar slides: markets wrapStocks extended gains in Asia after China appeared to soften its Covid stance and Federal Reserve chair Jerome Powell signalled a slowdown in the pace of interest-rate hikes.
Source: dailymaverick - 🏆 3. / 84 Read more »