The US dollar has moved away from the 7-month high. The Australian dollar has slowed down
The US currency has moved away from the highest peak over seven months at the beginning of the trade on Wednesday, as the data on the US consumer prices indicates the restrained increase of the inflation. Because of this the markets were forced to reduce the probability of the Fed rate hike in December.
The US dollar index has fallen by 0.02 percent against the basket of six major currencies and totaled to 97.873 at the beginning of the day. On Monday the index rose to its high of 98.873 points for seven months.
The Australian dollar has lost some of the advantages, which it gained earlier due to some economic data from China. Nevertheless, major currencies have reacted with restraint due to the lack of surprises.
Chinese GDP has grown by 6.7 percent in the III quarter. This coincides with the forecasts of the experts. But the industrial production in September grew by 6.1 percent, not reaching the figures that was voiced in analysts’ forecasts.
Hirofumi Suzuki, an economist at Sumitomo Mitsui Banking Corporation, made a comment: “Perhaps, there is the profit taking due to the growth (of the Australian dollar) since yesterday.” He also pointed out that this can be explained as a reaction to the not very encouraging data on the industrial production.
The Australian dollar was being traded at around $ 0.7673. The currency has strengthened by 0.1 percent. Earlier on Wednesday, the Australian dollar rose to $ 0.7691. This has become the maximum value from 4 October.
The single European currency was stable at the level of $ 1.0984. This is slightly higher than the level reached on Monday – $ 1.0964 (the peak over 2,5 months). The pound sterling has fallen by 0.19 percent, amounting to $ 1.2275. The dollar has sagged by 0.04 percent against the yen, amounting to 103.78.