U.S. Dollar Retreats Against Commodity Currencies After CPI Data
December 17 2014 - 9:05AM
RTTF2
The U.S. dollar pulled away from its early highs against
commodity-related currencies in European deals on Wednesday, as the
nation's consumer prices fell more than anticipated in November
amid sharp drop in energy prices.
The Labor Department report showed that U.S. consumer price
index dropped by 0.3 percent in November after coming in unchanged
in October. Economists had expected the index to edge down by 0.1
percent.
The greenback edged down to 0.8201 against the aussie and 0.7757
against the kiwi, after rising to a 4-1/2-year high of 0.8138 and a
weekly high of 0.7709, respectively earlier.
Reversing from an early high of 1.1659 against the loonie, the
greenback eased back to 1.1620.
Continuation of the greenback's downtrend may see it challenging
support around 0.85 against the aussie, 0.78 against the kiwi and
1.15 against the loonie.
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