Dollar rises ahead of inflation data; cryptocurrencies advance after crash

Dollar rises ahead of inflation data; cryptocurrencies advance after crash

The dollar rose ahead of U.S. inflation data due later on Thursday, while cryptocurrencies remained under pressure after trading platform Binance scrapped plans to bail out its ailing rival. FTX.

* The US currency rose on the eve against its peers, but then pared some of those gains as investors assessed the results of the US midterm elections.

* The dollar index, which compares the greenback to a basket of six major currencies, gained 0.11% to 110.48 units.

* All eyes are on US inflation figures, which could have an impact on the scale of future Federal Reserve interest rate hikes. Economists polled by Reuters expect the Consumer Price Index to show an 8% year-on-year rise in October, up from 8.2% in September.

* The euro fell below parity, shedding 0.18% to $0.9992. Sterling was up 0.32% at $1.1396, partially recovering from the previous session’s 1.6% slump.

* The dollar has lost some steam in recent weeks on hopes that the Fed will start making small rate hikes from December.

* The yen climbed to 146.22 per dollar. In the previous session it reached a high of about two weeks at 145.18 before giving back its gains.

* The crisis in the world of cryptocurrencies also affected risk appetite and supported the dollar, according to analysts. FTX’s native token, FTT, soared 123% to $3,394, though its month-to-date loss is still over 85%, and Bitcoin was up 5% at $16,690.

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