NEW YORK, Sept. 8 (Xinhua) — The U.S. dollar ended almost unchanged in late trade on Friday, amid resilient U.S. consumer and labor markets.
The dollar index, which measures the dollar against six major peers, rose 0.03 percent to 105.0866 in late trade, on track for eight straight weeks of gains, the longest such streak since 2014.
Analysts and investors believe that positive economic data from the United States in recent weeks, along with a resilient economy, have helped boost the dollar’s value.
“We remain moderately bullish on the USD in the near term despite finding it overvalued,” Bank of America analysts said in a report. “This is in line with the weaker euro area data and, more broadly, our view that the market pricing of 2024 Fed cuts is overstated.”
In the euro zone on Friday, the consumer price index (CPI) for Germany, Europe’s largest economy, remained unchanged in August for a third straight month.
On an annual basis, CPI was confirmed at 6.1 percent y/y, down from 6.2 percent, while core CPI was unchanged at 5.5 percent y/y. Food and energy prices rose but there was little good news as services inflation ticked down to 5.1 percent, down from 5.2 percent in July.
In late New York trading, the euro rose to US$1.0698 from US$1.0695 in the previous session, and the British pound fell to US$1.2453 from US$1.2470.
The US dollar bought 147.8240 Japanese yen, higher than 147.1700 Japanese yen from the previous session. The US dollar rose to 0.8933 Swiss francs from 0.8928 Swiss francs, and it was down to 1.3643 Canadian dollars from 1.3682 Canadian dollars. The US dollar fell to SEK 11.1251 from SEK 11.1429.