Xinhua
21 Nov 2023, 04:48 GMT+10
NEW YORK, Nov. 20 (Xinhua) -- The U.S. dollar weakened substantially in late trading on Monday, continuing its decline from the previous week, as investors maintain the belief that the Federal Reserve has completed its cycle of interest rate increases.
The dollar index, which measures the greenback against six major peers, decreased 0.47 percent to 103.4383 in late trading.
The economic schedule is quieter due to the Thanksgiving holiday week in the United States, while the highlight will be the Federal Open Market Committee (FOMC) November minutes due on Tuesday.
Richmond Federal Reserve Bank President Tom Barkin said Monday that U.S. inflation has come down nicely, but some businesses are planning to keep raising prices - and that means the Fed should hold rates at relatively high levels for a long time.
"I see inflation being stubborn, and that makes the case for me being higher for longer," said Barkin.
The CME Group's FedWatch Tool shows that markets are pricing in a 99.8 percent chance that the Fed will keep interest rates unchanged at its meeting in December.
The Conference Board Leading Economic Index (LEI) for the United States fell 0.8 percent month on month to 103.9 in October, following a month-on-month decline of 0.7 percent in September, according to a release by The Conference Board on Monday.
The LEI contracted 3.3 percent over the six-month period between April and October 2023, a smaller decrease than its 4.5 percent contraction over the previous six months.
"The U.S. LEI trajectory remained negative, and its six- and twelve-month growth rates also held in negative territory in October," said Justyna Zabinska-La Monica, senior manager, business cycle indicators at The Conference Board.
"After a pause in September, the LEI resumed signaling recession in the near term. The Conference Board expects elevated inflation, high interest rates, and contracting consumer spending, to tip the U.S. economy into a very short recession. We forecast that real GDP will expand by just 0.8 percent in 2024," added Zabinska-La Monica.
In late New York trading, the euro increased to 1.0946 dollars from 1.0899 dollars in the previous session, and the British pound rose to 1.2510 dollars from 1.2449 U.S. dollars in the previous session.
The U.S. dollar bought 148.3030 Japanese yen, lower than 149.6650 Japanese yen of the previous session. The U.S. dollar decreased to 0.8843 Swiss francs from 0.8856 Swiss francs, and it was up to 1.3722 Canadian dollars from 1.3717 Canadian dollars. The U.S. dollar fell to 10.4398 Swedish krona from 10.5313 Swedish krona.
Get a daily dose of Hong Kong Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hong Kong Herald.
More InformationHONG KONG: Hong Kong's economy grew by 3.1 percent in the first quarter of this year compared to the same period last year, according...
BEIJING, China: Homeowners in China are slashing prices to attract buyers as a growing number of resale properties flood the market....
BEIJING, China: China's manufacturing sector lost steam in April, with activity shrinking at the fastest pace in over a year, as new...
HONG KONG: Hong Kong's housing market continued to lose ground in March, with home prices falling for a fourth straight month despite...
BEIJING, China: China's top airlines are still grounded in red ink, reporting steeper losses for the first quarter as they battle fierce...
(250508) -- ZANZIBAR, May 8, 2025 (Xinhua) -- Li Dengke (R, rear), a TCM doctor from the 34th Chinese medical team in Zanzibar, and...
HONG KONG: Hong Kong's economy grew by 3.1 percent in the first quarter of this year compared to the same period last year, according...
NEW YORK, New York - U.S. stocks advanced on Wednesday while the U.S. dollar made across-the-board gains after the Federal Reserve...
LONG ISLAND CITY, New York: JetBlue Airways' plan to strike a domestic partnership with another U.S. airline is drawing sharp resistance...
LONDON, U.K.: Shell reported a better-than-expected first-quarter profit of US$5.58 billion on May 2, down 28 percent from a year earlier...
BANGKOK, Thailand: Thailand's finance ministry has revised its projection for foreign tourist arrivals this year, lowering the estimate...
NEW YORK, New York - U.S. stock markets retreated on Tuesday, with major indices posting losses amid renewed economic concerns, while...