U.S. Dollar Rises Near 16-Month High After Interest Rate Hike

The dollar gained on Friday is the best performance in five months. Investors feared that the central bank would raise interest rates faster than expected due to unexpectedly high inflation.

The U.S. dollar index DXY rose 0.07% against other currencies to 95.237, and near a 16-month high of 95.267.

  • The yen rose 0.18% to 114.25 yen per dollar.
  • The Australian dollar fell 0.10% to 0.7287.
  • The New Zealand dollar fell 0.23% to 0.7003.
  • The yuan rose 0.10% to 6.3965 per dollar.
  • The pound fell 0.06% to 1.3363 pounds per dollar.
  • The baht was at 32.84 baht per dollar.

The dollar gains after high U.S. inflation data. The consumer price index (CPI) rose 6.2% year-on-year and 0.9% month-on-month in October. Core inflation rose 4.6% year-over-year and 0.6% month-over-month.

Investors are concerned whether or not the Federal Reserve will raise interest rates faster than expected?

The University of Michigan’s consumer confidence data and consumer expectations index for November fell to 66.8 in November, the lowest level since November 2011 (72.8 in September).

JOLTs job opening numbers declined to 10.44 million in September from 10.63 million jobs in August.

Leave a Reply

Change Language
%d bloggers like this: