By: Barbara Zigah
The U.S. Dollar continued its gains against the common currency Euro and the Japanese Yen following the release of better than expected consumer price data earlier today. As reported at 8:45 a.m. (EST) in New York, the U.S. Dollar moved higher against the common currency, trading at $1.3336, an increase of .3%, while against the Japanese Yen, the greenback traded higher at 83.95 Yen, a rise of .4% from yesterday’s 83.66 Yen trade in New York.
The Euro remains under broad downward pressure as fiscal troubles in the Eurozone continually mount; most recently, the credit rating agency, Moody’s, warned that Spain’s credit rating is in danger of being downgraded during their current review. In fact, earlier today in the European session, the Swiss Franc rose to a new record high against the common currency, trading at 1.2759 Swiss Francs.
According to the data released earlier today by the U.S. Labor Department, the Consumer Price Index rose only .1% for November, better than the .2% expected by a consensus of economists. The core measure, excluding food and energy, rose .1% in line with the economists’ forecasts. The Federal Reserve Bank also today released the report on industrial output, which was better than analysts’ predictions, and another indication of some growth in the economy.