Forex
US Dollar Surges Against Loonie on Slowing Inflation
The US dollar has strengthened against the Canadian dollar (Loonie) following the release of the US PCE (Personal Consumption Expenditures) data. The data showed a lower-than-expected inflation rate, which boosted investor confidence in the dollar.
As a result, the US dollar index rose to 102.5 from its previous level of 101.5. In contrast, the gold price edged down to $1,600 per ounce after reaching a high of $1,620 earlier this week.