The Dollar Index Stabilized Near Its Lowest Level in Two Months

The US dollar index settled near its lowest level in two months during Thursday’s trading, after inflation data revealed that it had recorded its highest level in nearly forty years.

The US consumer price index rose 7% year-on-year in December, the fastest pace since 1982.

However, US President Joe Biden stressed that the new consumer inflation report is evidence that price jumps have begun to slow, but he acknowledged that more time is needed before returning to normal levels.

The euro rose against the dollar by 0.21% to $1.1466, during trading. The dollar also fell against the Japanese currency by 0.1%, at 114.52 yen, while the pound sterling rose against the US currency by 0.32%, recording $1.3744.

The dollar fell against the Swiss currency by 0.16% at 0.9128 francs, and the dollar index, which measures the performance of the US currency against a basket of six currencies, stabilized, recording 94.831 points, after recording 94.713 points earlier in trading.