Dollar sags after weak US data, Turkey rate hike lifts emerging currencies
Updated : September 14, 2018 06:33 AM IST
Emerging currencies such as the South African rand and the Mexican peso held to gains after surging in relief after Turkey’s central bank implemented a large increase in interest rates.
The greenback took a hit overnight after the US consumer price index (CPI), the government’s broadest inflation gauge, rose just 0.2 percent in August and less than the 0.3 percent projected by analysts in a Reuters poll.
The dollar also felt additional pressure as the euro gained after European Central Bank President Mario Draghi suggested on Thursday at a post-policy meeting news conference that low inflation was less of a worry.
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