London, Singapore17 November – The dollar rose on Thursday as investors digested mixed US economic data, while sterling turned upside down and fell ahead of a UK government budget update.
* The dollar has declined in recent weeks as inflation data and comments from Federal Reserve officials suggested the central bank may soon slow the pace of its interest rate hikes.
* However, the dollar rose on Thursday after stronger-than-expected US retail sales data for October released on Wednesday.
* The euro was down 0.33% at $1.036 at 1045 against the dollar. gmtAfter hitting its highest level since July at $1,048 on Tuesday.
* The dollar index, which measures the greenback’s performance against six currencies, was up 0.32% at 106.62. The index has fallen more than 6% since hitting a 20-year high in September, though it is up 11% year-to-date through Thursday.
* Sterling was down 0.35% against the dollar at $1.187, after rising earlier in the session, and was flat against the euro.
* Traders will also be scanning speeches from several Fed officials on Thursday for clues about raising rates. Regional Fed presidents Raphael Bostic, Loretta Mester and Neel Kashkari are scheduled to speak.
* The greenback was up 0.15% at 139.75 yen against the Japanese currency on Thursday after falling earlier in the session.
* The Chinese yuan fell 0.75% to 7.154 per dollar as new cases covid Concerned that the authorities may order more lockdowns.