Wall Street's main stock indexes built on Wednesday's sharp gains after data showed that consumer prices rose modestly in June, registering the smallest annual increase in more than two years.
Other data on Thursday showed that U.S. producer prices barely rose in June, U.S. jobless claims unexpectedly declined, and Chinese exports dropped.
The dollar index slumped to its lowest level since April 2022 on Thursday, as the cooling U.S. inflation bolstered expectations the Fed will rates only once more in 2023, eroding the greenback's yield advantage over peers.
The euro was up 0.86% to $1.122, and the Japanese yen strengthened 0.37% versus the greenback at 137.99 per dollar.
Oil prices traded near the highest levels in two months on the soft U.S. dollar.
Persons:
Yung, Yu Ma, Ma, Brent, Lawrence Delevingne, Huw Jones, Stella Qiu, Chizu Nomiyama, Andrew Heavens, Leslie Adler, Diane Craft
Organizations:
Treasury, Federal, Dow Jones, Nasdaq, Federal Reserve, Fed, Citigroup, Japan's Nikkei, Monetary Fund, BMO Wealth Management’s, Thomson
Locations:
Asia, Europe, CHINA, China, Pacific, Japan, Boston, London, Sydney