"The inflation data today surprised higher once again. The dollar index, which measures the greenback against a basket of major currencies, was down 0.08% on the day but on track for a quarterly gain of 7.2%.īut on a weekly basis the index was set for its first decline in three, last down 0.899%. The pound, after touching $1.1235, was last up 0.28% on the day at $1.11500. dollar was up 1.04% against the Canadian dollar while New Zealand's kiwi was down 2.24% and the Australian dollar was down 1.62.
Meanwhile, trading in currencies from countries that are heavily dependent on commodities reacted strongly to the hot inflation data on Friday due to concerns about demand and global economic growth, according to Upadhyaya. "At this point you can't fight the strong bullish dollar trend since its underpinned by counter cyclical factors such as concerns about global growth, geopolitical risk and rising U.S. in Boston.īut the strategist expects to see the dollar continue its upward direction as investors revert to trading on fundaments such afundamentalsamentals end. "Today's trading is distorted by quarter-end and month-end order flows," as investors focused on rebalancing portfolios rather than on data said Paresh Upadhyaya, director of fixed income and currency strategy at Amundi U.S. borrowing costs faster in 2022 than any time since the 1980s. This gave the Fed less reason to slow down its rate hiking cycle after raising U.S. Commerce Department said the personal consumption expenditures price index (PCE), which the Federal Reserve targets at 2%, rose 6.2% year-on-year in August. read moreĭata on Friday showed euro zone inflation zoomed past forecasts to hit 10.0% in September, reinforcing expectations for another jumbo European Central Bank rate hike next month. The pound last showed four straight sessions of gains followed by wild declines on concerns about Britain's plan to slash taxes and pay for it with more borrowing.Īfter hitting a record low on Monday, the British currency was on track for a weekly gain after the Bank of England bought British government bonds, known as gilts, on Wednesday, Thursday and Friday. Sterling rose against the dollar after falling earlier in the day. consumer spending increased faster than expected.īut while the dollar index was showing its biggest quarterly gain since the first quarter 2015 it was set for its first weekly decline in three weeks. Ramsay’s show remodeled the restaurant and updated its menu, but the economic turmoil wrought by COVID-19 took its toll.NEW YORK, Sept 30 (Reuters) - The dollar rose against the euro on Friday but pared gains late in a session that was muddied by quarter-end trading while riskier commodity-led currencies fell sharply after European inflation hit a record high and U.S. After a sale never materialized, Williams’ son, William Lowery IV, took over operations.Įarlier this year the restaurant appeared on Gordon Ramsay’s show “24 Hours to Hell and Back,” in which the celebrity chef attempts to save troubled restaurants within a day. They had an asking price of $1.6 million, and included sister spot Captain’s Grill & Patio with which Lowery’s shares a roof. The filing comes nearly two years after members of its namesake family, including William Wesley Lowery III and Robert Lowery, put the restaurant up for sale so they could retire. The restaurant, which has been in business more than 80 years, initially sought Chapter 11 bankruptcy protection before requesting this week that the case be converted to a Chapter 7 liquidation. The longtime river country staple at 528 N. (BizSense file photo)Įven a visit from Gordon Ramsay apparently wasn’t enough to save Lowery’s Seafood Restaurant.
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