US Dollar struggles as the economy sends mixed signals

By Yamini Sharma On Nov 17, 2022

The dollar index, which compares the US currency to six major peers, remained unchanged at 106.27. After reaching its highest level since July on Tuesday, the euro was flat against the dollar at $1.039. The dollar has fallen in recent weeks as inflation data and comments from Federal Reserve officials indicate that the central bank may soon slow the pace of interest rate hikes. The dollar fell 0.2% against the Japanese yen on Thursday, to 139.28, as it remained near its three-month low. The British pound could see the most price movement when Finance Minister Jeremy Hunt announces the government’s budget plans later on Thursday.The yuan in China fell 0.36% to 7.126 per dollar as new COVID cases raised fears that officials would order more lockdowns.
The dollar was little changed on Thursday as investors digested mixed economic data from the United States, while the British pound gained ground ahead of the government’s budget update. In early London trading, sterling was up 0.18% against the dollar, to $1.193, and up a similar amount against the euro.