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Dollar slumps as U.S. inflation surge comes in line with expectations

By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar fell to a two-month low against a basket of currencies on Wednesday after data, which showed an expected surge in U.S. consumer...
Dollar slumps as U.S. inflation surge comes in line with expectations © Reuters. FILE PHOTO: Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo

By Saqib Iqbal Ahmed

NEW YORK (Reuters) -The dollar fell to a two-month low against a basket of currencies on Wednesday after data, which showed an expected surge in U.S. consumer prices in December, fell short of offering any new impetus for the Federal Reserve's policy normalization efforts.

The U.S. Dollar Currency Index, which tracks the greenback against six major currencies, was down 0.7% at 94.944, after slipping as low as 94.903, its lowest since Nov. 11.

U.S. consumer prices surged in December, with the annual increase in inflation the largest in nearly four decades, which could bolster expectations that the Federal Reserve will start raising interest rates as early as March.

The consumer price index increased 0.5% last month after advancing 0.8% in November, the Labor Department said on Wednesday. In the 12 months through December, the CPI surged 7.0%, the biggest year-on-year increase since June 1982. Economists polled by Reuters had forecast the CPI gaining 0.4% and shooting up 7.0% on a year-on-year basis.

"The U.S. economy appears ready for interest rate lift-off to start in March," said Joe Manimbo, senior market analyst at Western Union (NYSE:WU) Business Solutions.

"The dollar's problem though is that the market already has highly hawkish expectations for Fed policy this year. So as hot as today's CPI price was, it merely reinforced what's already baked in for the dollar and Fed policy," Manimbo said.

Federal Reserve Chair Jerome Powell on Tuesday gave no clear indication that the Fed was in a rush to speed up plans for tightening monetary policy, putting some downward pressure on the greenback which has benefited from U.S. rate-hike expectations in recent weeks.

"(It's) just a case of the market currently getting too ahead of itself with Fed normalization; we will need to see this inflationary impact from Omicron really play out for the Fed to hike four times and embark on quantitative tightening this year I think," said Simon Harvey, senior FX market analyst at Monex Europe.

"While we don’t think today’s CPI release will derail the Fed’s likely liftoff in March, continued reports of narrow inflation pressures will likely lead markets to trim expectations of the normalization cycle across 2022 as a whole, which will undoubtedly result in sustained USD depreciation," Harvey said.

Traders have priced in an about 80% chance of a rate hike in March, according to CME’s FedWatch tool.

The Australian dollar, often considered a liquid proxy for risk appetite, rose 1.04% to a one-week high against the U.S. dollar. The weaker greenback and higher oil prices helped lift the Canadian dollar to its highest level in nearly two months.

And sterling was 0.56% higher, helped by the weaker dollar and a view that the worst of the Omicron COVID-19 surge may be passing in Britain - helping pave the way for another near-term rise in UK interest rates.

Elsewhere, bitcoin was 2.3% higher at $43,717.08, extending its rebound from the five-month low touched on Monday.

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24-01-2022 05:08:03 (UTC+7)

EUR/USD

1.1326

-0.0014 (-0.13%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

Sell (4)

EUR/USD

1.1326

-0.0014 (-0.13%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

Sell (4)

GBP/USD

1.3522

-0.0032 (-0.23%)

Summary

↑ Sell

Moving Avg:

Buy (0)

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Indicators:

Buy (1)

Sell (8)

USD/JPY

113.60

-0.09 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

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Buy (9)

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AUD/USD

0.7149

-0.0034 (-0.47%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.2606

+0.0024 (+0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Buy (8)

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EUR/JPY

128.66

-0.25 (-0.19%)

Summary

↑ Buy

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Buy (5)

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EUR/CHF

1.0326

-0.0006 (-0.06%)

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Gold Futures

1,840.40

+8.60 (+0.47%)

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Silver Futures

24.215

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Copper Futures

4.4618

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Crude Oil WTI Futures

85.32

+0.18 (+0.21%)

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Brent Oil Futures

87.30

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Natural Gas Futures

3.736

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US Coffee C Futures

235.88

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Euro Stoxx 50

4,154.85

-74.71 (-1.77%)

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S&P 500

4,397.93

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DAX

15,375.59

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FTSE 100

7,428.11

-66.02 (-0.88%)

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Hang Seng

24,656.46

-309.09 (-1.24%)

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↑ Buy

Moving Avg:

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US Small Cap 2000

1,987.92

-36.12 (-1.78%)

Summary

Buy

Moving Avg:

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IBEX 35

8,568.42

-126.28 (-1.45%)

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BASF SE NA O.N.

65.320

-0.860 (-1.30%)

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↑ Buy

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Bayer AG NA

51.03

-0.59 (-1.14%)

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Sell (7)

Allianz SE VNA O.N.

220.25

-1.45 (-0.65%)

Summary

↑ Buy

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Buy (9)

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Adidas AG

246.35

-4.25 (-1.70%)

Summary

Sell

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Sell (9)

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Buy (2)

Sell (5)

Deutsche Lufthansa AG

6.739

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↑ Sell

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Siemens AG Class N

142.52

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Deutsche Bank AG

11.156

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Summary

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Buy (6)

Sell (1)

 EUR/USD1.1326Neutral
 GBP/USD1.3522↑ Sell
 USD/JPY113.60↑ Buy
 AUD/USD0.7149↑ Sell
 USD/CAD1.2606↑ Buy
 EUR/JPY128.66↑ Buy
 EUR/CHF1.0326Sell
 Gold1,840.40↑ Sell
 Silver24.215↑ Sell
 Copper4.4618↑ Sell
 Crude Oil WTI85.32↑ Sell
 Brent Oil87.30↑ Sell
 Natural Gas3.736↑ Sell
 US Coffee C235.88↑ Sell
 Euro Stoxx 504,154.85↑ Sell
 S&P 5004,397.93↑ Sell
 DAX15,375.59↑ Sell
 FTSE 1007,428.11↑ Sell
 Hang Seng24,656.46↑ Buy
 Small Cap 20001,987.92Buy
 IBEX 358,568.42↑ Sell
 BASF65.320↑ Buy
 Bayer51.03↑ Sell
 Allianz220.25↑ Buy
 Adidas246.35Sell
 Lufthansa6.739↑ Sell
 Siemens AG142.52↑ Buy
 Deutsche Bank AG11.156↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,210
(50/ 50) # 1,153
SJC HCM6,150/ 6,210
(27/ 17) # 1,153
SJC Hanoi6,150/ 6,212
(27/ 17) # 1,155
SJC Danang6,150/ 6,212
(27/ 17) # 1,155
SJC Nhatrang6,150/ 6,212
(27/ 17) # 1,155
SJC Cantho6,150/ 6,212
(27/ 17) # 1,155
Cập nhật 24-01-2022 05:08:08
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RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.500,0022.810,00
EUR25.000,4426.401,93
GBP29.901,5831.178,49
JPY193,25204,57
KRW16,4019,98
Cập nhật lúc 17:03:13 24/01/2022
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