Early trade in New York: Dollar oscillates as market digests US inflation data, ECB
NEW YORK: The dollar index was down slightly on Thursday in a choppy session in which it alternated between losses and gains as investors digested elevated US inflation data and commentary from the European Central Bank.
After adopting a wait-and-see attitude all week, sucking volatility from the market and leaving major currencies mostly range-bound Thursday’s news appeared to add little new direction to currency markets.
The dollar index, which measures the greenback against a basket of major currencies, has fluctuated narrowly around the psychologically important 90 level, and was last down 0.08% at 90.058 The euro was last up 0.02% at $1.218.
The Australian dollar was up 0.25% at $0.7749 while the New Zealand dollar was up 0.33% at $0.7199.
The yen traded at 109.5850 per dollar, also down slightly from Wednesday.
Deutsche Bank’s Currency Volatility Index, was at its lowest level since February 2020.
In crypto markets, bitcoin held gains from its biggest rally since February on Wednesday, when it jumped nearly 12%.
It last traded slightly higher at $37,464, after rebounding from a three-week low of $31,025 hit on Tuesday when signs of institutional investor caution and regulatory attention drove selling.
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