Energy surge sends US consumer prices up 0.5%

13 October, 2017, 20:52 | Author: Regina Silva
  • Australian bonds tilt upward tracking US Treasuries on divided September Fed meeting minutes

The dollar slipped versus a basket of currencies on Friday after data showed United States consumer prices rose less than expected in September, pointing to muted inflation that could worry Federal Reserve officials who have been engaged in a vigorous debate on the U.S. inflation path.

The Singapore dollar slipped 0.2 pct to 1.3550 versus the USA dollar from 1.3514 after the Monetary Authority of Singapore kept all its monetary policy settings unchanged on Friday, noting 2018 economic growth was likely to be slower than seen this year. On Thursday, economic data showed that producer prices increased 0.4% last month on a year-over-year basis. In the 12 months through September, the PPI jumped 2.6 percent, the biggest gain since February 2012.

The dollar fell to 111.7 Japanese yen, its lowest since September 26. St. Louis Fed President James Bullard told Business Insider that there was "no hurry to raise rates" with inflation below target.

Financial markets are pricing a roughly 88 percent probability of a rate increase in December, according to CME Group's FedWatch tool.

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The Fed has increased interest rates four times in its tightening cycle which began in late 2015, and now predicts one more rate rise this year and three in 2018.

The Australian bonds tilted slightly on the upside tracking similar movement in the U.S. Treasuries after the Federal Reserve policymakers remain largely divided over the inflation outlook of the country and the path of rate hikes in the economy.

As reported at 10:52 am (JST) in Tokyo, the USD/JPY was trading at 112.21 Yen, a loss of 0.05%; the pair earlier hit a low of 112.14 Yen, while the peak for the session stands at 112.306 Yen.

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