Dollar weakens against yen following inflation data

The US dollar declined against the Japanese yen on Thursday after the release of inflation data that showed a higher-than-expected increase in September 2024.

Despite the rise, the overall trend in prices remains downward, suggesting that the Federal Reserve may continue to cut interest rates.

The US Department of Labour reported that the consumer price index (CPI) rose 0.2 per cent in September. Over the past 12 months, the CPI increased by 2.4 per cent, the smallest year-on-year rise since February 2021.

The greenback fell by 0.54 per cent against the yen, reaching 148.50 yen after hitting a high of 149.58 yen. The dollar index, which measures the currency against six major rivals, also declined 0.09 per cent to 102.780.

Attribution: Reuters

Subediting: M. S. Salama