US Dollar struggles as buyers digest inflation and labor market data
US Dollar continues struggling as buyers take a breather.
US PCE Prices Index fell to 2.1% yearly in September, while the core inflation remains steady at 2.7%.
US Jobless Claims fall to 216K, against market expectations of an increase to 230K.
The US Dollar Index (DXY) trades softer on Thursday despite persistent inflation in the United States, as measured by the Personal Consumption Expenditure (PCE) Prices Index. Additionally, the number of Initial Jobless Claims decreased more than expected for the last week of October, but the Greenback continues struggling for traction in the latter half of the week.
The DXY index has displayed a mixed path amid conflicting economic data. Strong ADP Employment Change figures and upwardly revised September ADP data were offset by downwardly revised Q3 GDP growth. The upcoming Nonfarm Payrolls (NFP) report on Friday could significantly impact the DXY's direction.
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