Baku:The US dollar has pulled back from an 18-month high as a decline in Treasury yields and cautious comments from Federal Reserve officials overshadowed higher-than-expected inflation data. This development has moderated expectations of an interest rate hike this month.
According to Qatar News Agency, the dollar index, which measures the greenback against a basket of six major currencies, decreased by 0.1% to 102.06. Meanwhile, the euro gained 0.3% to reach $1.1187, and the British pound rose 0.2% to $1.3224.
In September, US core consumer prices increased by 0.3%, surpassing market predictions of a 0.2% rise. Annual headline inflation was reported at 3.7%, slightly above the forecast of 3.6%, indicating ongoing price pressures.
Despite these inflation figures, the yield on 10-year US Treasury notes fell to 5.1267%, marking its lowest point in three weeks. Investors are now focusing on upcoming US producer price and retail sales data for additional insights into the inflation trend and the Federal Reserve's future policy decisions.
