Dollar Continues To Slide Against Major Rivals

RTTNews | 1400 days ago
Dollar Continues To Slide Against Major Rivals

(RTTNews) - The U.S. dollar traded weak against its major rivals on Friday, continuing to slide amid hopes the Federal Reserve will slow down the pace of its monetary tightening in the coming months.

The Labor Department's report on Thursday showing a smaller than expected increase in U.S. consumer price inflation in the month of October has raised optimism that the U.S. central bank will raise interest rate by a smaller 50 basis points next month.

CME Group's FedWatch Tool is currently indicating an 80.6% chance the Fed will raise rates by 50 basis points next month compared to the recent 75 basis point rate hikes.

In economic news today, a report from the University of Michigan showed U.S. consumer sentiment has pulled back much more than expected in November after seeing modest improvements in recent months.

The report said the consumer sentiment index slumped to 54.7 in November after inching up 59.9 in October. Economists had expected the index to edge down to 59.5.

The dollar index, which fell to 106.28, is at 106.42, down 1.65% from the previous close.

Against the Euro, the dollar is trading at 1.03565, compared with 1.0209 on Thursday.

The dollar is trading at 1.1834 against Pound Sterling, easing from 1.1715.

Against the Japanese currency, the dollar is weak, fetching 138.82 yen a unit, as against Thursday's close of 140.97 yen.

The dollar is weak at 0.6705 against the Aussie, drifting lower from 0.6618.

Against Swiss franc, the dollar is down fetching CHF0.9412 a unit, after having closed at CHF0.9633 on Thursday.

The dollar is down against the Loonie as well, dropping to 1.3255 from 1.3320.

read more
TSX Climbs On Tech Rally, Looks Set To End 6-day Losing Streak

TSX Climbs On Tech Rally, Looks Set To End 6-day Losing Streak

The S&P/TSX Composite Index rose 0.36% Friday to 35,634.50 as technology stocks surged 3.5%, contributing significantly to gains. Oil prices fell following International Energy Agency's downward global oil demand forecast revision.
RTTNews | 4h 57min ago
Swiss Market Ends Modestly Higher

Swiss Market Ends Modestly Higher

The Switzerland stock market closed modestly higher on Friday, in line with markets across Europe, as a sharp drop in oil prices helped lift sentiment.
RTTNews | 5h 30min ago
European Markets Rise As Oil Prices Fall On IEA Demand Cut

European Markets Rise As Oil Prices Fall On IEA Demand Cut

European markets gained ground Friday after the International Energy Agency cut its global oil demand forecast, sending Brent crude futures down 3.5% to $103.50. The IEA now projects world oil demand will drop 2.5 million barrels per day this year versus its prior estimate of 1.6 million bpd.
RTTNews | 5h 53min ago
U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index slumped to 47.8 in September after tumbling to 51.7 in August. Economists had expected the index to edge down to 51.0.
RTTNews | 9h 15min ago
CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

The U.S. Consumer Product safety Commission or CPSC has announced various recalls including more than 2.3 million sour crush candy bottles, motorcycles, six-drawer dressers, dual fuel ranges, hair dryer brushes, and fire spray canisters, among others. In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair
RTTNews | 9h 23min ago
U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August, although core prices rose by slightly more than expected. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.1 percent in July.
RTTNews | 10h 3min ago