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☆ Gold set for weekly gain as weak dollar, Middle East woes lift appeal
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion's appeal. Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion's appeal. Spot gold was up 0.1% at $2,025.7 per ounce, as of 0411 GMT, and has gained 0.7% so far in the week. Tension mounted in the Middle East as Yemen's Iran-aligned Houthis claimed responsibility for an attack on a UK-owned cargo ship, and they targeted Israel's port and resort city of Eilat with ballistic missiles and drones. Meanwhile, the dollar index was heading for its first weekly dip in nearly two months, making the greenback-priced bullion less expensive to overseas buyers.

Persons: Edward Meir, Houthis, Christopher Waller Organizations: Federal Reserve, CME Locations: Iran, Eilat

☆ Africa's largest economy is battling a currency crisis and soaring inflation
▼ + stars: | 2024-02-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

With annual inflation nearing 30% and a currency in freefall, Nigeria is facing one of its worst economic crises in years, provoking nationwide outrage and protests. The currency is down around 70% since May 2023 when Tinubu took office, inheriting a struggling economy and promising a raft of reforms aimed at steadying the ship. In a bid to fix the beleaguered economy and attract international investment, Tinubu unified Nigeria's multiple exchange rates and enabled market forces to set the exchange rate, sending the currency plunging. In January, the market regulator also changed how it calculates the currency's closing rate, resulting in another de facto devaluation. Years of foreign exchange controls have also generated enormous pent-up demand for U.S. dollars at a time when overseas investment and crude oil exports have declined.

Persons: Bola Tinubu, Tinubu Organizations: U.S, greenback Locations: IBADAN, Nigeria, Ibadan, freefall, Nigerian

☆ Gold at one-week high as soft dollar, Middle East turmoil lift demand
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Gold prices rose to a nearly one-week high on Monday as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion's safe-haven appeal. Spot gold was up 0.3% at $2,019.99 per ounce, as of 0530 GMT, hitting its highest since Feb. 13. U.S. gold futures rose 0.4% to $2,031.50 per ounce. Spot platinum dipped 0.3% to $903.04, palladium rose 0.7% to $956.66, while silver fell 1.2% to $23.12 per ounce.

Persons: Yeap Jun Rong, Wang Tao, Jun Rong, Raphael Bostic Organizations: U.S ., Maritime Trade Operations, Market, Fed Bank of Atlanta, CME Locations: Mandab, Yemen, China

☆ The Fed is set to cut rates this year. Here are the Asian currencies that stand to benefit
▼ + stars: | 2024-02-19 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +5 min

Brent Lewin | Bloomberg | Getty ImagesThe U.S. Federal Reserve is expected to cut interest rates later this year and, while that may not be good news for the dollar , some Asian currencies stand to benefit. Higher interest rates boost a country's currency, attracting foreign investment and increasing demand for the country's currency. A weak U.S. dollar is generally positive for emerging markets, which is often the case when the Fed cuts interest rates outside of an economic crisis. Experts told CNBC currencies such as the Chinese yuan , the Korean won and the Indian rupee stand to benefit from the Fed loosening monetary policy. So those are also positive for the Indian currency," said Anindya Banerjee, vice president of currency and derivatives research at Kotak Securities.

Persons: Mahatma Gandhi, Brent Lewin, Yuan, Arun Bharath, Bharath, Simon Harvey , , Anindya Banerjee, Banerjee, South Korea's, Monex's Harvey Organizations: Bloomberg, Getty, . Federal, CNBC, Korean, Bel Air Investment Advisors, People's Bank of, FX, U.S, Kotak Securities, Bank of, Korea's, South Locations: Bangkok, Thailand, China, People's Bank of China, U.S, Bank of India, India, Europe, America

☆ Despite Japan’s economic recession, Asian stocks rise
▼ + stars: | 2024-02-16 | by ( Diksha Madhok | Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong/New Delhi CNN —Japan’s stock market defied gloomy economic data to rally Friday, lifting broader Asian shares and ending the week on a buoyant note. Japan’s benchmark Nikkei 225 index closed above 38,000 points for the second day in a row, just a whisker off its historic peak reached in December 1989. “If anything, the window of opportunity created by the weak yen is encouraging international investors, as they suspect it will close soon,” he added. The MSCI’s broadest index of Asian shares excluding Japan closed more than 1% higher. On Wall Street, the S&P 500 closed at a record high of 5,029.73 Thursday as US stocks bounced back from steep losses earlier this week.

Persons: ”, Neil Newman, Stephen Innes, Austan Goolsbee, Innes, Korea’s Organizations: Hong Kong / New Delhi CNN, Analysts, Japan, Dow, Nasdaq, Federal Reserve, Fed, Chicago Fed Locations: Hong Kong / New Delhi, Tokyo, United Kingdom, Asia, Pacific, New York, China

☆ Dollar nears 150 yen ahead of US inflation test; bitcoin buoyant
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: +4 min

The dollar flirted with the psychological threshold of 150 yen on Tuesday and held broadly steady ahead of a key reading on U.S. inflation due later in the day, while bitcoin hovered around the $50,000 mark for a second day running. The greenback last bought 149.39 yen, edging higher toward the closely-watched 150 level that analysts said would likely trigger further jawboning from Japanese officials in an attempt to support the currency. The projected rise in inflation three years from now dropped to 2.4%, the lowest since March 2020, from December's 2.6%. Analysts said the latest boost to bitcoin comes ahead of its halving event, which will cut the reward for successfully mining a bitcoin block in half. The expectation of rate cuts certainly helps, but it doesn't explain what's really set fire to bitcoin over the past four, five sessions," said IG's Sycamore.

Persons: pare, that's, Tony Sycamore, It's, Kyle Rodda Organizations: greenback, Bank of, IG, Federal Reserve Bank of New, U.S ., New Zealand, U.S, bitcoin Locations: Asia, China, Hong Kong, Bank of Japan, U.S, United States, Federal Reserve Bank of New York, December's, Europe

☆ Long cash and short tech: The ultimate contrarian trades as investors turn the most bullish in 2 years
▼ + stars: | 2024-02-13 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Investor sentiment has turned so bullish that Bank of America's Michael Hartnett thinks it's time to consider a few contrarian trades. For the first time since April 2022, investors stopped predicting a recession in the U.S., the BofA survey showed. The Wall Street firm's widely followed investment strategist Hartnett is recommending a few contrarian trades for a "hard landing" scenario this year. He said investors could go long cash and defensive stocks, while shorting technology shares that have led the market rally over the past year. For a "no landing" scenario, where the economy would continue to grow but inflation stays high, the strategist recommends buying commodities, energy stocks as well as the greenback.

Persons: America's Michael Hartnett, Hartnett Organizations: America's, Survey, Microsoft, Apple, Nvidia, Tesla, Bank of America Locations: U.S

☆ The dollar is back. It’s not all good news
▼ + stars: | 2024-02-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The greenback is strengthening again after a bumpy 2023, as Wall Street accepts that interest rate cuts are coming later than previously expected. The US Dollar Index, which tracks the dollar against the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, is up 2.8% for the year as of Friday morning. “All of a sudden the interest rate differential kicks in — if that is slower than the Fed or faster,” said Krosby. Higher interest rates tend to garner more international capital to flow into a country, raising demand for the currency and thus its value. Still, Todd Jones, chief investment officer at Gratus Capital, says he expects the dollar to trend lower eventually as the Fed gets closer to cutting rates.

Persons: Jerome Powell, Christine Lagarde, Quincy Krosby, ”, Neel Kashkari, Todd Jones, Jones, Anna Cooban, Richard Meade, Janet Yellen, Alicia Wallace, Yellen, ” Yellen Organizations: CNN Business, Bell, New York CNN, Swiss, Canadian, Federal Reserve, European Central Bank, LPL, Treasury, Minneapolis, Gratus, Fed, Hamas, Lloyds, CNN, Banking Committee Locations: New York, Swedish, Iran, Suez, Asia, Europe

☆ Dollar oscillates on less dovish Fed comments; China inflation data awaited
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, a person is seen holding 100, 50, and 5 US dollar bills in his hand. The U.S. dollar was trading in a tight range on Thursday as traders digested less dovish remarks from policymakers overnight and looked ahead to fresh economic data from the United States. Attention was also on inflation data out of China in the Asian morning amid concerns about deflation in the world's second-largest economy. Forecasts suggest mixed signals, with year-on-year consumer price deflation expected to have intensified in January but month-over-month prices up at the fastest pace in a year. The offshore Chinese yuan was down 0.11% to $7.2036 per dollar ahead of the data.

Persons: Susan Collins, Tony Sycamore, Sterling, Wei Liang Chang Organizations: U.S, Boston, Traders, IG, Bank of, DBS Locations: United States, China, Asia

☆ Dollar on defensive after pullback from nearly 3-month peak
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +2 min

The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag. The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag. U.S. Treasury yields also turned down from highs overnight on solid demand at a sale of new three-year notes, removing some support for the dollar. The U.S. dollar index , which measures the currency against six major peers, including the euro, was flat at 104.14, following Tuesday's 0.29% slide. The currency pair tends to be extremely sensitive to moves in Treasury yields.

Persons: Jerome Powell scuppered, Matt Simpson, James Kniveton Organizations: Federal, Treasury, U.S, CPI, Federal Reserve Locations: U.S, Asia

☆ Turkey's new central bank governor, formerly at Amazon and New York Fed, seen as a 'credible choice'
▼ + stars: | 2024-02-05 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Turkey's newly appointed central bank governor Fatih Karahan has his work cut out for him, named to the job by presidential decree over the weekend after the sudden resignation of his predecessor, Hafize Gaye Erkan. Previously the central bank's deputy governor, Karahan's resume features years spent in prominent American institutions and companies. Turkey's consumer price index print came out Monday showing a roughly 65% increase year-on-year for the month of January. Its central bank has made eight consecutive interest rate hikes since May 2023 — for a cumulative 3,650 basis points — in an effort to rein in soaring inflation. While painful for the country, investors and economists say the rate hikes have been necessary and that continuity in monetary policy priorities will engender confidence in the new central bank chief.

Persons: Turkey's, Fatih Karahan, Hafize Gaye Erkan, Karahan's, —, Karahan Organizations: University of Pennsylvania, Federal Reserve Bank of New, Columbia University, New York University, Amazon, greenback Locations: Federal Reserve Bank of New York, Turkish

☆ Dollar scales fresh peaks as Fed cut bets recede
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: +3 min

"A one-two punch from Jay Powell's FOMC presser and a very strong nonfarm payrolls report have essentially closed the door on a March rate cut," said Chris Weston, head of research at Pepperstone. The Japanese yen was last 0.15% lower at 148.58 per dollar, having hit a trough of 148.82 earlier in the session. Treasury yields also jumped on expectations of higher-for-longer U.S. rates, with the two-year yield, which typically reflects near-term interest rate expectations, last up nearly seven bps at 4.4386%. That did little to help the yuan, with the offshore yuan last marginally lower at 7.2182 per dollar, pressured by a stronger greenback. "So far we've just seen speculation and some media reports talking about further support for the equity market or the property market.

Persons: Jerome Powell's, Jay Powell's FOMC presser, Chris Weston, Powell, Carol Kong, CBA's Organizations: Federal Reserve, New, Traders, Fed, CBS, Sterling, Commonwealth Bank of Australia, Treasury Locations: Buenos Aires, Argentina, New Zealand

☆ Dollar poised for weekly decline; US jobs data up next
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: +4 min

The dollar index was last at 103.02 and on track for its first weekly decline for the year. The New Zealand dollar rose 0.07% to $0.6149 and was on track for a weekly rise of nearly 1%, its best performance in over a month. It was poised for a weekly gain of nearly 1.3%, its best week in over a month. That highlighted a growing view within the board that conditions were falling in place to soon pull short-term interest rates out of negative territory, which would be Japan's first interest rate hike since 2007. Data on Thursday showed euro zone inflation eased as expected last month but underlying price pressures fell less than forecast, likely boosting the European Central Bank's argument that rate cuts should not be rushed.

Persons: Jerome Powell, Ray Attrill, Raf Choudhury, BoE, Thierry Wizman Organizations: Federal Reserve, New Zealand, National Australia Bank, Friday's, Analysts, Bank of Japan's, Bank of England, Monetary, European Locations: Abrdn, U.S

☆ Dollar keeps tight ranges ahead of Fed, jobs data
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +3 min

A Chinese 100 yuan banknote, a 1 U.S. dollar bill and a 50 euro banknote are lying on a table. The dollar was steady in the Asian morning, with market participants moving cautiously ahead of the two-day FOMC meeting that kicks off on Tuesday. "I suspect that the FOMC meeting will not be as dovish as current market pricing suggests," said Matt Simpson, senior market analyst at City Index. The data will give another indication of whether the world's largest economy remains strong after the Fed's aggressive hiking campaign. Sterling was last trading at $1.2716, holding firm ahead of the Bank of England's monetary policy meeting this week.

Persons: Jerome Powell, Matt Simpson, hasn't, Sterling, Wei Liang Chang Organizations: U.S . Department of Labor, U.S ., Central Bank, Bank, DBS, Fed Locations: U.S

☆ Gold hovers near 1-week low on firm dollar; U.S. data, ECB in focus
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: +2 min

Three 1kg gold bullion bars worth over 155,00 GBP lay on the counter in a gold dealers in Birmingham's jewelry quarter on December 13, 2023 in Birmingham, England. Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. Spot gold rose 0.2% to $2,015.83 per ounce by 0424 GMT. Spot silver rose 0.4% to $22.76 per ounce, platinum climbed 0.3% $901.53, and palladium gained 0.1% to $964.07.

Persons: Kyle Rodda Organizations: Federal Reserve, Fed, European Central Bank Locations: Birmingham, England, Ukraine, Israel, U.S

☆ The Russian government and its central bank are publicly disagreeing on how to handle the economy
▼ + stars: | 2024-01-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

On the same day, Russia's central bank said the impact of the measures is moderate, and they shouldn't be extended. AdvertisementRussian officials are publicly arguing about capital controls, highlighting disagreement in the country's elite class about how to handle its sanctions-stressed economy. AdvertisementIt's not the first time Russian government officials and the country's central bank have aired their disagreements in public. Elvira Nabiullina, Russia's central bank governor and Putin's top technocrat for the economy, pushed back against the criticism, saying the ruble's slide was due to changing trade flows in and out of Russia amid sanctions. Advertisement"Blaming the central bank is like a drunkard's search — looking for the guilty where the light is," she said at the time.

Persons: Putin, —, Vladimir Putin, Andrei Belousov, Elvira Nabiullina Organizations: Service, Telegram Locations: Russia, Russia's, Russian

☆ Turkey hikes interest rate again to 45% after inflation nears 65%
▼ + stars: | 2024-01-25 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Residents waiting at a bus stop under a large Turkish flag in Istanbul, Turkey, on Sunday, April 30, 2023. Turkey's central bank on Thursday hiked its key interest rate by another 250 basis points to 45%. The hike to the benchmark one-week repo rate was in line with economists' expectations. It comes amid an ongoing battle against double-digit inflation for Turkey's monetary policymakers, with the rate hike the latest step in that effort. The last several years of high inflation are in large part the result of stubbornly loose monetary policy by the Ankara government.

Organizations: Turkish, U.S, greenback Locations: Istanbul, Turkey, Turkey's, Ankara

☆ Dollar hovers near 6-week high on Fed view; yen edges up after BOJ
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +4 min

The Japanese yen , though, ticked higher as expectations rose for a stimulus exit as soon as March, following hawkish comments from the Bank of Japan on Tuesday. "We have seen ECB (European Central Bank) officials push back on rate cut expectations as well, in line with the Federal Reserve." The dollar declined 0.17% to 148.085 yen, after swinging from as low as 146.99 and as high as 148.70 on Tuesday. The Bank of Canada meets on policy on Wednesday, and is expected to leave its key overnight rate unchanged at a 22-year high of 5%. Traders have unwound bullish positions built up in anticipation of U.S. approval of the country's first spot bitcoin exchange traded fund (ETF).

Persons: Mary Daly, Christopher Waller, James Kniveton, Christine Lagarde's, Sterling, Kazuo Ueda, China's, cryptocurrency, Bitcoin Organizations: Federal Reserve, Bank of Japan, U.S, San Francisco Fed, ECB, European Central Bank, Bank of England, Bank of Canada, Bloomberg, Traders Locations: U.S

☆ Gold heads for worst weekly fall in six as rate-cut view tempers
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +2 min

Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. Spot gold was little changed at $2,022.07 per ounce by 0404 GMT, but has fallen 1.3% so far in the week. Markets were betting on 139 basis points (bps) of Fed rate cuts this year, down from 150 bps a week earlier, according to LSEG's interest rate probability app, IRPR. The odds of a Fed rate cut in March have dropped to 54% from about 71% last week, according to IRPR.

Persons: Bullion, Hugo Pascal, Pascal, Raphael Bostic Organizations: Federal Reserve, hawkish Fed, U.S, Atlanta Federal Reserve Locations: Birmingham, England, Ukraine, Israel, InProved, IRPR

☆ Gold near 5-week low as rate-cut optimism tapers
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +2 min

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. Gold prices hovered near five-week lows on Thursday, as hawkish remarks from Federal Reserve officials and robust data dampened investors' expectation for deeper and early interest rate cuts in U.S. this year. The dollar has strengthened substantially in the past few days, putting a strain on gold prices, Brian Lan at the Singapore based dealer GoldSilver Central, said. Money markets were betting on 142 basis points of Fed rate cuts this year, while pricing in a 61% chance of a March easing, according to LSEG's interest rate probability app, IRPR. Lower interest rates decrease the opportunity cost of holding bullion.

Persons: Brian Lan, it's, GoldSilver's Lan, Raphael Bostic, Bostic, Christopher Waller's Organizations: Korea Gold Exchange, Federal Reserve, GoldSilver, Traders, Atlanta Federal Reserve Locations: Seoul, South Korea, Singapore

☆ Dollar holds near one-month peak as dovish Fed bets recede
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +2 min

The dollar held close to a one-month peak versus major peers on Thursday after robust U.S. retail sales data overnight added to building expectations the Federal Reserve will not rush to lower interest rates. Australia's dollar weakened after data showed an unexpected decline in employment. Traders have trimmed the odds of a first Fed rate cut by March to 53.8%, down from 63.1% on Tuesday, according to CME's FedWatch Tool. ECB President Christine Lagarde told Bloomberg there would likely be majority support among ECB officials for an interest rate cut in the summer, although she stressed they would be data-dependent. Elsewhere, the Australian dollar weakened after data showed a 65,100 drop in jobs for December, where economists had forecast a 17,600 increase.

Persons: CME's, Christopher Waller, Tony Sycamore, Sycamore, Christine Lagarde, Sterling Organizations: Reserve, U.S, hawkish Bank, Japan, Traders, IG, Bloomberg, Bank of England, British, greenback Locations: Japan

☆ Oil prices fall as stronger dollar offsets Red Sea disruptions risks
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell on Wednesday as a stronger U.S. dollar limited demand for greenback-denominated crude, though the rising risks of supply disruptions amid the intensifying conflict in the Red Sea curbed the losses. U.S. West Texas Intermediate crude futures , or WTI, fell 43 cents, or 0.59%, to $71.97 a barrel. The stronger dollar reduces demand for dollar-denominated oil for buyers paying in other currencies. British oil major Shell suspended shipments through the Red Sea after the U.S. and UK strikes began, but U.S. producer Chevron is maintaining its Red Sea routes. "While oil benchmarks may not reflect the Red Sea attacks, the realized price for oil and oil products for consumers has increased given the disruption to trade flows through the Red Sea and Suez Canal," Vivek Dhar, director of mining and energy commodities strategist at the Commonwealth Bank of Australia, said in a note.

Persons: Brent, WTI, Daniel Hynes, Vivek Dhar Organizations: greenback, Global, Brent, . West Texas, U.S, U.S . Federal Reserve, ANZ Bank, Shell, Chevron, Commonwealth Bank of Australia Locations: U.S, Iran, Yemen, Red, Suez

☆ Dollar at one-month high as rate cut expectations ease on Fedspeak
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

The dollar index hovered at a one-month high against a basket of currencies on Wednesday as remarks by Federal Reserve Governor Christopher Waller dampened expectations for a March rate cut. "I will need more information in the coming months confirming or (conceivably) challenging the notion that inflation is moving down sustainably toward our inflation goal," before backing rate cuts, he said on Tuesday. Market expectations of a rate cut in March have eased to a 62.2% chance versus an 76.9% view in the prior session, according to CME's FedWatch Tool. "Rate cuts are coming but not as soon as some might be hoping for," Sycamore said. Meanwhile, the euro was hanging near a one-month low at $1.0875 after its steepest one-day percentage drop in two weeks, following comments from several ECB policymakers this week that maintained uncertainty over the timing of rate cuts.

Persons: Christopher Waller, Waller, CME's, Tony Sycamore, Christine Lagarde, Sycamore, Sterling, Rodrigo Catril Organizations: Federal Reserve, IG, European Central Bank, Treasury, Bank of Japan, National Australia Bank Locations: U.S, Asia

☆ Dollar down on day, but off lows after hotter than expected inflation
▼ + stars: | 2024-01-11 | by ( ) www.cnbc.com time to read: +3 min

The headline U.S. Consumer Price Index (CPI) rose 0.3% last month, for an annual gain of 3.4%, against expectations of 0.2% and 3.2%, respectively. Traders are pricing in aggressive expectations for rate cuts this year, with the Fed seen as beginning to cut rates in March. But "today's CPI report suggests that the Fed's initial rate cut may be later than the market is hoping for," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. "The question everyone is struggling with is what kind of inflation regime we are in - are we still in a 2010s era of low growth, low inflation and we're still just working through the end of the pandemic adjustment and then we're back into that?" The dollar index was last down 0.05% on the day at 102.29.

Persons: Bitcoin, Adam Button, Quincy Krosby, Button, it's, Loretta Mester, Thomas Barkin, Sterling Organizations: Federal Reserve, Consumer, Index, Fed, ForexLive, Traders, Financial, Cleveland Fed, Richmond Fed, U.S . Securities, Exchange Commission, Wednesday Locations: Toronto, Charlotte , North Carolina, U.S

☆ Turkish lira hits fresh record low against the U.S. dollar
▼ + stars: | 2024-01-11 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The Turkish lira hit a fresh record low against the U.S. dollar on Thursday, trading at 30.005 to the greenback just before noon local time. It marks the first time that the lira has broken 30 against the dollar, which was up 0.17% against the Turkish currency from the previous day's session. The beleaguered lira has fallen some 37% against the U.S. benchmark over the past year, as monetary policymakers try to combat double-digit inflation by steadily raising interest rates. Inflation in the country of roughly 84 million rose to 64.8% on an annual basis in December, up from 62% in November. It's still an improvement on the prior year, after Turkish inflation hit a peak of 85.5% in October 2022.

Persons: Recep Tayyip Erdogan, It's Organizations: U.S, Ankara Locations: Morgan's, New York

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