US dollar falls after inflation data

US dollar falls after inflation data

NEW YORK, Feb. 14 (Xinhua) — The U.S. dollar fell in late trade on Tuesday after data showed U.S. inflation for January turned out warmer than expected.

The dollar index, which measures the greenback against six major peers, was down 0.12 percent at 103.2355 in late trade.

In late New York trading, the euro was up at US$1.0738 from US$1.0715 in the previous session, and the British pound was up at US$1.2175 from US$1.2131 in the previous session.

The US dollar bought 133.05 Japanese yen, higher than 132.46 Japanese yen from the previous session. The US dollar rose to 0.9214 Swiss francs from 0.9203 Swiss francs and it fell to 1.3337 Canadian dollars from 1.3341 Canadian dollars. The US dollar fell to SEK 10.3572 from SEK 10.3937.

The U.S. Labor Department reported on Tuesday that the U.S. consumer price index, a key measure of inflation, rose 0.5 percent in January on a monthly basis, the largest increase in three months and higher than the 0.4 percent expected by economists. The annual rate reached 6.4 percent in January, slightly down from 6.5 percent in December and higher than the market consensus of 6.2 percent.

“For most categories, inflation is decidedly above peak. But as we see from today’s report, the road back down to the Federal Reserve’s 2 percent target will be bumpy,” Jeffrey Roach, chief economist at LPL Financial Research, said in a note on Tuesday.





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