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FOREX-Dollar hits 16-month high as investors await fresh data

Mount Equity Group Tokyo, Japan > News > Markets > FOREX-Dollar hits 16-month high as investors await fresh data

The safe-haven dollar hit a 16-month high against a basket of major peers on Monday, fueled by global growth and inflation concerns, as investors looked forward to fresh data this week on the state of the U.S. consumer. The dollar was boosted on Wednesday by data that showed U.S. consumer prices rose last month at the fastest annual pace since 1990, casting doubt on the Federal Reserve’s view that price pressures will be transitory and fueling speculation that interest rates will be lifted sooner than previously thought.

The dollar index, which measures the currency against six peers, hit 95.287 on Monday, its highest since July 2020, and was last up 0.14% at 95.266. Demand for the greenback had softened on Friday, when a report showed consumer sentiment dropped to its lowest in a decade, due in part to the surge in inflation, but firmed again on Monday after central bankers in Europe and the United Kingdom voiced growth and…

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