“The data reveals that consumers continued to spend despite rising prices and deteriorating consumer morale,” said Fiona Cincotta, senior financial markets analyst at City Index, adding: “This will be an encouraging sign for the Federal Reserve.”.
The dollar has been on a bull run since US inflation data showed consumer prices skyrocketing to their highest rate since 1990. This fueled speculation that the Federal Reserve could raise interest rates earlier than expected.
Euro continues to fall
The euro extended its decline against the greenback and fell 0.22% to $ 1.13425 after falling earlier to $ 1.1330, a floor since July 2020.
“The currency was punished by concerns about the Covid-19 outbreaks on the continent and the insistence of the head of the European central bank that it will not rush to raise interest rates,” explained the traders.
For its part, the British pound was up 0.13% against $ 1.3420, fueled by data that showed British employers hired more people in October after the state-funded job suspension plan ended.
Meanwhile, Bitcoin pierced the $ 60,600 level for the first time since November 1 and then traded down 3.82% to $ 61,175.
Source From: Ambito
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