The US dollar fell back slightly against other major currencies yesterday.
As many in America travel for Thanksgiving, news of cooling inflation will have been an added perk to the comforts of home. Core inflation now stands at 4%, above the Fed’s target range but much better compared to this time last year. Uncertainty surrounding interest rates remains, but the news will feed hopes that a corner has been turned.
Holidays staples like turkey and potatoes have decreased in price, along with airfares and petrol prices. A survey by the American Farm Bureau Federation found the average cost of a Thanksgiving dinner for 10 people will be $61.17, a fall of 4.5% from 2022’s record highs.
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USD/GBP: the past year
