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Monday, March 27, 2023

The super dollar soars and reaches a maximum of seven weeks

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The personal consumption expenditures (PCE) price index, tracked by the Fed for its monetary policy, advanced 0.6% last month, after gaining 0.2% in December. In the 12 months to January, the measure accelerated 5.4% after rising 5.3% in December.

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Consumer spending, which accounts for more than two-thirds of US economic activity, rose 1.8% last month., according to the Department of Commerce. December data was revised up to show a decline of 0.1%, instead of the previously announced 0.2%.

“The data was pretty strong overall and surprisingly there were positive reviews as well. That’s saying a lot. The dollar is in the driver’s seat,” said Mazen Issa, of TD Securities in New York.

The dollar index improved 0.7%, to 105.26 units, after reaching a seven-week high of 105.32.

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The euro was down 0.5% at $1.054, after falling earlier to a seven-week low of $1.0536. Sterling was down 0.68% at $1.1938.

Against the yen, the US currency reached two-month highs at 136.44 units, and was later exchanged at 136.29, up 1.2%. Against the Swiss franc, the greenback reached its highest level in seven weeks, at 0.9390 units, and then improved 0.5%, to 0.9386 units.

Source: Ambito

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