Forex News 24
  • RSS

news

Dollar Struggles on Tepid Inflation, Tillerson Firing

Dollar Struggles on Tepid Inflation, Tillerson Firing
админ
14/03/2018

dollar 18 300x169 - Dollar Struggles on Tepid Inflation, Tillerson Firing

The U.S. Dollar fell against a basket of major currencies on Tuesday mostly in reaction to U.S. consumer inflation data which came out in line with expectations.

The U.S. Dollar fell against a basket of major currencies on Tuesday mostly in reaction to U.S. consumer inflation data which came out in line with expectations.  The news strongly suggests the U.S. Federal Reserve will remain on track to raise interest rates at a gradual pace, or as many as three times this year. With a stronger-than-expected CPI number, traders could have built a case for up to four rate hikes later this year.

March U.S. Dollar Index futures settled at 89.643, down 0.224 or -0.25%.

Daily U.S. Dollar Index 6 - Dollar Struggles on Tepid Inflation, Tillerson Firing
Daily March U.S. Dollar Index

The Labor Department said on Tuesday the U.S. consumer price index rose 0.2 percent last month after jumping 0.5 percent in January. Excluding the volatile food and energy components, the CPI gained 0.2 percent after accelerating 0.3 percent in January.

The dollar also lost ground after U.S. President Donald Trump fired Secretary of State Rex Tillerson and replaced him with Central Intelligence Agency Director Mike Pompeo, marking the biggest shakeup of the administration’s Cabinet.

After the CPI data was released, Fed funds futures showed a lower chance of a fourth rate hike this year. Going into next week’s U.S. Federal Reserve meeting, the Fed funds futures indicator shows an 86-percent chance of a rate hike.

Daily Gold 15 - Dollar Struggles on Tepid Inflation, Tillerson Firing
Daily April Comex Gold

Gold

Gold futures settled higher on Tuesday after mounting a strong comeback, following a weaker trade earlier in the session. Gold turned positive as the dollar lost ground following the release of tepid U.S. consumer inflation data, and on the news that U.S. President Donald Trump had replaced Secretary of State Rex Tillerson.

April Comex Gold futures settled at $1327.10, up $6.30 or +0.48%.

Daily Crude Oil 17 - Dollar Struggles on Tepid Inflation, Tillerson Firing
Daily May West Texas Intermediate Crude Oil

Crude Oil

U.S. West Texas Intermediate and international-benchmark Brent Crude Oil futures could not take advantage of the weaker dollar, falling sharply instead as buyer succumbed to reports of rapidly increasing U.S. production.

May WTI Crude Oil futures settled at $60.75, down $0.58 or -0.95% and June Brent Crude Oil finished the session at $64.52, down $0.27 or -0.42%.

Traders continued to react to the report from the U.S. Energy Information Administration on Monday which said output from the shale basin would hit a new record high in April.

Most notably, the premium of the front-month Brent and WTI futures contract to those for delivery further ahead has shrunk in the last two weeks in a sign that traders and investors are less optimistic about the likely balance between global supply and demand this year.

Daily Natural Gas 12 - Dollar Struggles on Tepid Inflation, Tillerson Firing
Daily May Natural Gas

Natural Gas

Natural Gas futures inched slightly higher on Tuesday in reaction to a small uptick in demand and the lingering cold weather in key demand areas.

May Natural Gas futures settled at $2.809, up $0.009 or +0.32%.

Source

Related ItemsbalancebuyerComexconsumer priceCPIdeliveryDollarEnergyFedFederal ReservefuturesIndexinflationinterest ratesLabor Departmentlostmajor currenciesNatural GasOilpriceprice indexrateratestradeTrumpvolatile

Leave a Reply

Cancel reply

Your email address will not be published. Required fields are marked *

Anti-spam: complete the taskWordPress CAPTCHA


news
14/03/2018
админ
Related ItemsbalancebuyerComexconsumer priceCPIdeliveryDollarEnergyFedFederal ReservefuturesIndexinflationinterest ratesLabor Departmentlostmajor currenciesNatural GasOilpriceprice indexrateratestradeTrumpvolatile

More in news

273116ff712463a8fe797bc26d4bddd2 400x240 - Major policy change for the FED

Major policy change for the FED

админ30/08/2020
Read More
5ecd652efa96beb5e9daab8a81713e20 400x240 - Powell expected to preview Fed’s policy framework

Powell expected to preview Fed’s policy framework

админ27/08/2020
Read More
1cfd53e4dc84605be8f34b32e1fc08ff 400x208 - European markets look defensive

European markets look defensive

админ26/08/2020
Read More
Scroll for more
Tap

Last news

  • 273116ff712463a8fe797bc26d4bddd2 95x60 - Major policy change for the FED
    Major policy change for the FED
    news30/08/2020
  • 5ecd652efa96beb5e9daab8a81713e20 95x60 - Powell expected to preview Fed’s policy framework
    Powell expected to preview Fed’s policy framework
    news27/08/2020
  • 1cfd53e4dc84605be8f34b32e1fc08ff 95x60 - European markets look defensive
    European markets look defensive
    news26/08/2020
  • cbda506728f805be55e3597fd478b623 95x60 - Another record-setting session for U.S. stocks futures
    Another record-setting session for U.S. stocks futures
    news25/08/2020
  • 3c51d052540d35f9b8497fc0b1942d58 95x60 - $50M worth of cryptos or more left China
    $50M worth of cryptos or more left China
    news23/08/2020

Tags

american Asia Bitcoin China cryptocurrency currency Dollar dollar index economic Economists EUR euro Fed Federal Reserve forex futures GBP GDP Germany Index inflation interest rate interest rates Japan losses lost market markets monetary policy Oil price prices rate rates retail rise risk sales trade trade war trading Trump UK United States US

Copyright © 2019 Forex News 24, all rights reserved.

Draghi and Trump to Drive the EUR and USD, as Asian Equities Slide
You’re Fired: Episode # 35 ” Rexit”