Dollar holds on to gains after firm US inflation; focus turns to China data
© Reuters. FILE PHOTO: The employee of a currency exchange shop counts U.S. dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. REUTERS/Jose Luis Gonzalez/File Photo
U.S. consumer prices were pushed higher by a jump in rental costs in September, data showed on Thursday. Although steady moderation in underlying inflation pressures supported expectations that the Fed would not hike interest rates next month, the data did raise the chance of rates staying elevated for some time.
Markets fear Japanese authorities may intervene if the yen weakens past the 150 level, considered by some market traders as a line-in-the-sand that could spur action from Tokyo as it did last year. "Given the shift in language from China's central government about more significant fiscal stimulus...investors will welcome signs that the data provides ample scope to allow for more of it," said Kyle Rodda, senior financial market analyst at Capital.com, in a note.
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