June 7, 2023

Dubai Week

Complete Dubai News World

The dollar is at a 16-month high against inflation. The euro is also depreciating.

The dollar is at a 16-month high against inflation. The euro is also depreciating.

After US inflation hit a 30-year high on Thursday, the dollar rose to a 16-month high against the euro and other major currencies, raising the challenge of raising interest rates.
Wednesday’s data showed US consumer prices growing at the fastest annual pace since 1990, reinforcing speculation that the Federal Reserve may respond by raising interest rates faster than expected, while questioning the bank’s current position that inflation is high. It will be temporary.
Despite the US bond market closing due to the holiday, the dollar index is still heading for a second day of gains, hitting an all-time high since July 23, 2020 and recording a 0.19 increase in its latest trade. Percentage at 95.003 points.
The euro fell 0.07 percent to $ 1.1468, the lowest level since July 21, 2020, after reaching $ 1.1454.
Sterling was down 0.03% at $ 1.3396, touching $ 1.33650, the lowest level since December 2020.
The dollar rose 0.01 percent in recent trade against the Japanese yen and moved between 113.81 and 114.15 yen during the session after rising sharply against the Japanese currency on Wednesday.
The Australian and New Zealand dollars fell and were affected by the rise of their US numbers. The Australian dollar was down 0.28 per cent at $ 0.7305 and was down 0.5 per cent to a one-month low of $ 0.7287. The New Zealand dollar was down 0.4 percent at $ 0.7034.
Elsewhere, the Turkish lira fell to an all-time low of 9.975 against the dollar, following growing expectations that Turkey would cut interest rates again after US inflation data.

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