Euro Rebounds Against Dollar as PCE Inflation Data Misses Forecasts

The euro rebounded against the dollar in London foreign exchange trading on September 30 after US Personal Consumption Expenditures (PCE) price index data came in below market expectations.

The PCE price index for August rose 3.4% year-on-year, a slower pace than anticipated, while the core index fell short of forecasts.

This development prompted traders to scale back bets that the Federal Reserve would move quickly on additional rate hikes, leading to broad dollar selling.

The euro strengthened against the dollar, trading at $1.1350-1.1360, up 0.0020 dollars from the previous day.