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Markets

Dollar slides after tamer-than-expected US inflation data

  • US core, headline inflation slows in August
  • Fed may hold off on tapering -analyst
  • Euro, Swiss franc rise vs dollar
14 Sep, 2021

NEW YORK: The dollar fell on Tuesday after data showed a less-than-expected rise in US inflation last month, creating uncertainty as to the timing of the Federal Reserve's tapering of asset purchases.

Several Fed officials have suggested that the US central bank could reduce buying debt securities by the end of the year.

The Labor Department said on Tuesday its Consumer Price Index excluding the volatile food and energy components edged up just 0.1% last month. That was the smallest gain since February and followed a 0.3% rise in July. The so-called core CPI increased 4.0% on a year-on-year basis after advancing 4.3% in July.

"We didn't get a really high number on CPI, the fact that they came in just below expectations gives the Fed the chance to punt any taper implementation announcement from September to November," said Thomas Hayes, managing member at Great Hill Capital LLC in New York.

Oil hits 6-week high as Storm Nicholas hits US Gulf

"The inflation numbers confirmed that the Fed can push it off a little bit more, 'cause there were worries if inflation numbers came in really hot then the Fed's hand might be forced to move sooner rather than later, in spite of recent employment numbers being weak," he added.

The dollar index fell 0.2% to 92.432, following the data, further retreating from a more than two-week high hit on Monday.

The euro rose 0.2% against the dollar to $1.1827. Against the Swiss franc, the dollar dropped 0.3% to 0.92 francs.

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