{"id":77194,"date":"2018-05-11T04:56:06","date_gmt":"2018-05-11T04:56:06","guid":{"rendered":"http:\/\/www.bnreport.com\/dollar-steps-back-from-2018-peak-on-softer-us-inflation\/"},"modified":"2018-05-11T04:56:06","modified_gmt":"2018-05-11T04:56:06","slug":"dollar-steps-back-from-2018-peak-on-softer-us-inflation","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/dollar-steps-back-from-2018-peak-on-softer-us-inflation\/","title":{"rendered":"Dollar steps back from 2018 peak on softer US inflation"},"content":{"rendered":"

TOKYO: The dollar<\/a> hovered below a 4.5-month high against a basket of major currencies on Friday after tepid inflation<\/a> data, prompting traders to pare bets of faster US rate hikes. <\/p>\n

US consumer prices rose less than expected in April, which would support gradual, rather than more aggressive, rate increases by the Federal Reserve. <\/p>\n

"Given recent rises in oil prices, a weaker dollar earlier this year, and US tax cuts, markets<\/a> were clearly worried more about upside risks in inflation," said Minori Uchida, chief currency strategist at MUFG Bank. <\/p>\n

The so-called core CPI, which strips out the volatile food and energy components, rose 0.1 percent from previous month, compared to economists' median forecast of 0.2 percent rise. <\/p>\n

It lodged year-on-year rise of 2.1 percent, matching March's increase. <\/p>\n

The dollar's index against a basket of six major currencies stepped back to 92.71 from Wednesday's 4.5-month high of 93.42. <\/p>\n

The euro jumped back to $1.1918 from Wednesday's 4.5-month low of $1.1823 <\/p>\n

The single currency has so far weathered the impact from rises in Italian bond yields on signs the country's two anti-establishment parties could sweep into power as they made "significant steps" towards forming a government. <\/p>\n

While that would end almost ten weeks of political stalemate after an inconclusive election on March 4, investors cast a wary eye on a coalition of the 5-Star Movement and far-right League, which are hostile to European Union<\/a> budget restrictions. <\/p>\n

Against the yen, the common<\/a> currency rose to 130.38 yen , extending its recovery from its six-week low of 129.24 yen set on Tuesday. <\/p>\n

The dollar eased to 109.40 yen from Thursday's high of 110.02 yen and off its three-month top of 110.05 yen touched on May 2. <\/p>\n

The Australian dollar, which had been hit by the loss of its long-cherished status as the highest yielding currency in the developed world as US rates have risen, bounced back to $0.7526 from Wednesday's 11-month low of $0.7413 <\/p>\n

The New Zealand dollar also bounced back from Thursday's five-month low of $0.6903 following a dovish tone from the country's central bank. It last stood at $0.6966. <\/p>\n

The British pound had less luck, falling to $1.3460 on Thursday, its lowest levels in four months, after the Bank of England reduced its growth and inflation outlook for 2018 and 2019 while keeping rates steady as expected. <\/p>\n

It was last fetching $1.3518. <\/p>\n

The dollar's retreat should take the heat off some of emerging market currencies, which have been hit by worries about capital outflows to U.S, where yields are increasingly becoming attractive. <\/p>\n

The Turkish lira stood at 4.2374 to the dollar, off its record low of 4.3780 hit on Wednesday. <\/p>\n

The Malaysian ringgit steadied at around 4.0600 per dollar in offshore forward market, off near six-month low of 4.1350 touched on Thursday. The initial ringgit losses came amid some uncertainty after Mahathir Mohamad scored a stunning election win, defeating the coalition that has ruled the nation for six decades since independence from Britain. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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