The US dollar rose on Wednesday following a US inflation report that exceeded expectations, suggesting persistent inflationary pressures and potentially delaying further Federal Reserve rate cuts. The impact of USD inflation is being closely monitored by investors as it influences currency markets and monetary policy decisions.
At 9:45 AM Eastern Time (1:45 PM Japan Time), the US Dollar Index, which measures the greenback against six other major currencies, climbed 0.3% to 108.175, rebounding from a previous decline.
The latest data from the US Labor Department showed that consumer prices increased by 3.0% year-over-year in January, exceeding the 2.9% forecast. Month-over-month, CPI rose by 0.5%, surpassing the expected 0.3% increase. The core index, which excludes volatile items like food and energy, rose 3.3% annually, compared to the expected 3.1% increase. These figures indicate that USD inflation remains a key factor in financial markets.
Federal Reserve Chair Jerome Powell reiterated that easing policy too quickly could hinder inflation progress, reinforcing expectations of a cautious approach to rate adjustments. The Fed had previously held interest rates steady at 4.25%-4.50%, citing ongoing inflation concerns.
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USD surges as US inflation surpasses expectations, delaying potential Fed rate cuts. Stay updated on Forex market trends.
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