U.S. dollar tumbles as inflation moderates

  • World
  • Friday, 02 Dec 2022

NEW YORK, Dec. 1 (Xinhua) -- The U.S. dollar dipped in late trading on Thursday as the Federal Reserve's preferred gauge of inflation slowed in October.

The U.S. Commerce Department reported Thursday that the U.S. personal consumption expenditures (PCE) price index increased 0.3 percent in October, for a 6 percent year-on-year gain. That's down from the upwardly revised 6.3 percent annual increase reported for September.

The core PCE price index, which excludes food and energy, rose 5 percent over the last 12 months, compared to a 5.2 percent annual increase in September.

The dollar index, which measures the greenback against six major peers, fell 1.15 percent to 104.7300.

In late New York trading, the euro rose to 1.0522 U.S. dollars from 1.0414 dollars in the previous session, and the British pound was up to 1.2257 U.S. dollars from 1.2055 dollars in the previous session.

The U.S. dollar bought 135.24 Japanese yen, lower than 137.99 Japanese yen of the previous session. The U.S. dollar fell to 0.9367 Swiss francs from 0.9455 Swiss francs, and it fell to 1.3427 Canadian dollars from 1.3443 Canadian dollars. The U.S. dollar fell to 10.3088 Swedish Kronor from 10.5042 Swedish Kronor.

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