FOREX: The greenback edges down against yen after uptick in US inflation

The U.S. dollar edged lower against the yen yesterday after data showed a higher-than-expected rise in U.S. inflation in September even though prices were on a downward trend, allowing the Federal Reserve to keep cutting interest rates, Reuters economic agency has reported.

Labor Department data yesterday showed that the consumer price index increased 0.2% in September. In the 12 months through September the CPI climbed 2.4%, which was the smallest year-on-year rise since February 2021.

According to Reuters, the greenback was down 0.54% at 148.50 yen after rising to as high as 149.58 yen for the first time since Aug. 2.

The dollar index (=USD), which measures the currency against six key rivals including the yen and euro, was down 0.09% to 102.780 after hitting its highest since August 16.

Meanwhile, U.S. stocks  were edging back from their records yesterday, while Treasury yields spin after a pair of reports showed inflation failed to improve as much as expected last month and more workers filed for unemployment benefits last week.