Economic news

Dollar drops most since March on weaker U.S. inflation

The dollar wobbled below a 4-1/2-month peak versus a basket of main currencies on Friday after cool U.S. inflation figures prompted investors to cut bets of faster rate increases.

Photo: Reuters

The dollar’s index retreated to 92.71 from Wednesday’s 4-1/2-month peak of 93.42, on track for a weekly rise of 0.1 percent.

The greenback weakened to 109.40 yen from Thursday’s peak of 110.02 yen.

The euro rebounded to $1.1915 from Wednesday’s 4- 1/2-month trough of $1.1823.

Sterling slid to $1.3460 on Thursday, its nadir in four months, after the Bank of England cut its growth and inflation forecast for 2018 and 2019 while leaving rates unchanged as widely expected. It was last traded at $1.3528.

The Aussie recovered to $0.7532 from Wednesday’s 11-month trough of $0.7413.

The New Zealand dollar last traded at $0.6962.

Bitcoin slipped 1.3 percent to $9,137.30 on Thursday.


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