Currency Buzz: Investors Seek Safe-Haven Dollar Amid Geo-Political Tensions, Dollar Index Off Three Month Low

16 Nov 2022 , 11:13 AM

The US dollar has been on a downward streak since last week hitting a fresh three month low overnight on expectations that Federal Reserve will go softer on interest rates after data showed U.S. producer inflation hit a 14-month low in October. U.S. producer price inflation fell to its lowest in over a year in October, by a modest 0.2% on the month and up 8.0% from a year earlier. However, greenback steadied near the flat line as investors sought renewed safe haven exposure after a missile of Russian make fell in the eastern part of Poland and killed two people. The dollar index that measures the greenback against a basket of currencies briefly plunged to a three-month low of 105.16 on Tuesday and is currently quoting at 106.32. EUR/USD is slightly higher at $1.0399. Powered by Commodity Insights