NY Foreign Exchange Market = Dollar Flat, digesting a series of economic indicators
October 12, 2024 6:09 AM GMT+9 (excerpt)
In the New York foreign exchange market, the dollar remained flat against major currencies. The observation that the Federal Reserve Board (FRB) will maintain its current monetary policy line is supported by a series of US economic indicators, and the market continues to digest the movement.
The Producer Price Index (PPI) for wholesale goods and services for final demand announced by the Ministry of Labor on this day rose by 1.8% from a year earlier. It exceeded the market expectations of a 1.6% increase due to the rise in food prices, but remained a slight increase for the first time in seven months.
The Consumer Price Index (CPI) for September, announced the previous day, rose by 2.4% from a year earlier. It slightly exceeded the market expectation of 2.3%, but remained a slight increase for the first time in about three and a half years since February 2021.
Amarjit Sahota, Executive Director of ClarityForex (San Francisco), stated, "Speculation that the FRB will cut interest rates by how much by the end of the year has retreated from excessive aggressiveness."
The Producer Price Index (PPI) for wholesale goods and services for final demand announced by the Ministry of Labor on this day rose by 1.8% from a year earlier. It exceeded the market expectations of a 1.6% increase due to the rise in food prices, but remained a slight increase for the first time in seven months.
The Consumer Price Index (CPI) for September, announced the previous day, rose by 2.4% from a year earlier. It slightly exceeded the market expectation of 2.3%, but remained a slight increase for the first time in about three and a half years since February 2021.
Amarjit Sahota, Executive Director of ClarityForex (San Francisco), stated, "Speculation that the FRB will cut interest rates by how much by the end of the year has retreated from excessive aggressiveness."
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