HomeFinancial MarketsDollar Stumbles Amid Signs of Cooling Inflation

Dollar Stumbles Amid Signs of Cooling Inflation

The U.S. dollar staggered on Tuesday after the Christmas break amid signs that US inflation is cooling. Economic data showing a decline in inflation is boosting bets that the Federal Reserve will introduce interest rate cuts early next year.

Following bets that the Bank of Japan could move to tighten its monetary policy, the yen strengthened, rising 0.1% against the dollar to 142.25. The euro advanced 0.3% against the greenback to $1.1024, nearing the five-month peak of $1.1040 hit last week, while the pound sterling held steady at $1.2706.

Data released last Friday showed that U.S. prices fell in November from the previous month—the first time this has happened in over three and a half years. Annual inflation fell below 3%, approaching the Federal Reserve’s 2% target. “The Fed has made considerable progress on inflation, as core started the year closer to an annual rate of 5%, though the job is not yet done in ensuring inflation is on a sustained trajectory toward its 2% target,” Wells Fargo analysts observed in a note to investors.

WEBTOON Entertainment Announces $315 Million IPO Offering in the U.S.

WEBTOON Entertainment, a worldwide platform that hosts comics and cartoons, is gearing up for an Initial Public Offering (IPO) in the United States. According...

Dollar Remains Strong, Euro Weakens on Political Uncertainty

The dollar continued to hold its footing this weak, holding a strong position compared to other currencies. This is especially the case with the...

Goldman Sachs Lifts Prediction for S&P 500 in 2024 to 5,600

Investment bank Goldman Sachs is raising its expectations for the S&P 500 index in 2024. According to a note sent to their clients last...