US Dollar rose after US inflation data and firm statements from the Federal Reserve

The dollar rose on Wednesday following data showing rising inflation in the United States and firm statements on interest rates from Federal Reserve officials.

U.S. consumer price inflation accelerated month-on-month in January and rose 0.5 percent, as expected. This is due, among other things, to the high costs of rent and food.

On an annual basis, prices rose 6.4 percent, but fell from 6.5 percent in December. However, the rate was higher than economists’ expectations of 6.2 percent.

The dollar rose against most major currencies on Wednesday, with the euro falling 0.14 percent to $1.072. The single European currency touched a 10-month high of $1.103 on Feb. 2 but has been declining since then.

The Japanese yen fell 0.2 percent to 133.34 per dollar. It touched a six-week low earlier in the session at 133.44.

Federal Reserve officials adopted a sharp tone on Tuesday.

The dollar index rose 0.25 percent to 103.51 points, after closing almost unchanged on Tuesday.

The British pound fell 0.79% to $1.208 after British inflation fell more than expected in January to 10.1%, relieving some pressure on the Bank of England to continue raising interest rates.

The Australian dollar also fell 1.2 percent to $0.69. Meanwhile, the Chinese yuan recorded in local trading its lowest level in more than a month at 6.8498 per dollar. And it reached in the latest trading 6.839 dollars.