The US dollar continued on its losing ways, matching fresh record lows against the Euro and plumbing new depths against its Canadian counterpart. Fresh consumer price inflation data only worsened outlook for the downtrodden greenback, with a softer-than-expected CPI figure boosting the likelihood of further Federal Reserve interest rate cuts through year-end. Yet the swift dollar sell-off moderated in later trade, with the US$ showing signs of life through the New York afternoon session.
The euro matched yesterday’s record highs of $1.3988 following the US CPI data, but near-instant reversal left the dollar bid in the moments that followed. The British Pound suffered a similar fate near the New York session open, but a later retracement left the sterling an impressive 80 points off of intraday lows at $2.0021. A strong performance in global equity markets left the Japanese Yen lower for the second consecutive trading day, with the dollar improving ¥0.28 improved to ¥116.10 in US trade.
Source: dailyfx.com
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