The U.S. dollar plunged versus major rivals Tuesday after a softer-than-expected November inflation reading saw investors scale back expectations for future Federal Reserve rate hikes.The closely watched ICE U.S. Dollar Index, a measure of the currency against a basket of six major rivals, down 1.2% at 103.90 after trading as low as 103.59 — its lowest intraday level since June 16, according to FactSet. The dollar spent much of 2022 in rally mode, with the index hitting a 20-year high above 114 in early September as the dollar hit multi-decade highs versus major rivals, including the euro , Japanese yen and British pound .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
