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Wednesday, March 29, 2023

Super dollar falls as European inflation cools

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Data on Wednesday showed that consumer price pressures in France cooled much more than expected in December, while the day before, German data also showed inflation falling significantly more than expected. Last week, the Spanish inflation data showed a similar picture.

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If French, inflation unexpectedly fell below 7% and stood at 6.7% for December. In November it had stood at 7.1%. The increase in energy prices in this country was the lowest since September 2021 with 15.1%. The case German December registered inflation of 8.3% in December, leaving behind its peak of 10.4% in October.

The eurowhich on Tuesday registered its biggest daily drop against the dollar in two months, reached rise up to 0.8%, since the operators clung to the idea that a lower inflation could mean a change of pace in the monetary policy adjustment by the European Central Bank. This, in turn, could suggest that the economy will suffer less.

The euro rises 0.6% against the dollarat $1.0611, and a 0.3% against the yen, to 138.53 units per euro.

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The Australian dollarwhich came to climb up to 2.3% against its US counterpart, was Wednesday’s standout stock, thanks to the optimism that China arouses and news in the media that the Chinese government is considering lifting the ban on importing coal, one of Australia’s main exports.

The Australian dollar rises 2.1% to $0.6868, which is its biggest rise in one day in almost two months. The New Zealand dollar added 1.56%at $0.6345.

The offshore yuan gains 0.51% against the dollar, at 6.8887 units per dollar, close to its highest level in more than four months.

The yen gains 0.4% and held around 130.45 units per dollar, while the pound rose 0.7% to $1.2048.

The dollar index lost 0.4% to 103,890 units.

Later, investors will analyze the minutes of the last monetary policy meeting of the Federal Reserve Looking for additional clues about the direction of interest ratesalthough Friday’s monthly jobs numbers will probably carry more weight for the market.

Source: Ambito

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