Dollar Strengthens Amid Economic Data and Trump-Xi Summit
Dollar strengthens after data with Trump-Xi summit under way
Mint
Image: Mint
The U.S. dollar rose for the fourth consecutive day, supported by positive retail sales and jobless claims data, while investors awaited outcomes from the Trump-Xi summit focusing on trade and Taiwan tensions. Market expectations for a Federal Reserve rate hike have increased amid ongoing inflation concerns.
- 01The dollar index increased by 0.37% to 98.83, marking its longest winning streak since March.
- 02Retail sales rose by 0.5%, matching economist expectations, while jobless claims slightly exceeded forecasts.
- 03Expectations for a Federal Reserve rate hike in December have risen to 36.9%.
- 04Oil prices remained steady, with U.S. crude at $101.47 per barrel amid Iran tensions.
- 05The British pound fell 0.94% against the dollar as political turmoil in the UK continues.
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The U.S. dollar strengthened for a fourth straight day, rising 0.37% to 98.83 as economic data shifted market expectations away from a potential Federal Reserve rate cut. Retail sales increased by 0.5% last month, aligning with economist estimates, and initial jobless claims rose by 12,000 to 211,000, indicating a stable job market. The Federal Reserve's December meeting now sees a 36.9% chance of a rate hike, up from 22.5% a week prior. Meanwhile, U.S. crude oil prices rose to $101.47 per barrel amid ongoing tensions with Iran, while the dollar remained flat against the offshore Chinese yuan at 6.786. The British pound weakened by 0.94% to $1.3395 as political instability in the UK escalated.
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The dollar's strength could influence import prices and consumer costs, potentially affecting everyday spending for American households.
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