Dollar Index Holds Above 102 Mark After Mixed CPI, Daly Says Fed To More To Control Inflation

Published on Aug 11, 2023 14:53

The US dollar index is witnessing good buying support and manages to hold well above 102 mark. The index currently quotes at 102.34, almost unchanged on the day as a mixed inflation reading did little to change the trajectory of the index and market also eyed slightly hawkish comments from San Francisco Fed President Daly as she noted Fed has more work to do to control inflation even after today`s July CPI report came in largely as expected and added that the Fed is a long way from too-restrictive interest rates. The consumer price index (CPI) gained 0.2 per cent last month, the Labor Department said, lifting the annualized rate to 3.2 per cent from 3 per cent in June. The pace of core CPI, which strips out volatile food and energy prices, slowed to 4.7 per cent in July from 4.8 per cent the prior month. However, this marginal rise in CPI is still indicating a continued downward tilt in price pressures in US.