The US dollar rose Wednesday, July 14 to touch a three-month high against the euro and hit a one-week high against the Japanese yen, after rising US inflation spurred bets for a faster monetary tightening than Fed officials have indicated so far.<\/p>\n\n\n\n
The New Zealand dollar jumped more than 1% to 70.235 US cents after the Reserve Bank of New Zealand said on Wednesday it would halt its large-scale asset purchase program, paving the way for an interest rate hike this year.<\/p>\n\n\n\n
The US currency rose to 1.17720 dollars against the euro, reaching its highest level since the fifth of April for the second day in a row, and then fell 0.1% to 1.17860 dollars against the single currency.<\/p>\n\n\n\n
The dollar also rose to 110.70 yen for the first time since July 7, before falling 0.1% to 110.50 yen.<\/p>\n\n\n\n
The dollar index, which measures the performance of the US currency against a basket of six currencies, increased 0.1% to 92.705, after rising earlier to 92.832, slightly below the 92.844 level it reached last week for the first time since the fifth of April.<\/p>\n\n\n\n
Consumer prices in the United States rose by the most in 13 years in June, at 5.4%, amid supply constraints and the continued rise in costs of travel-related services from their low levels during the pandemic.<\/p>\n\n\n\n
Traders are now looking forward to Fed Chair Jerome Powell’s speech to Congress on Wednesday and Thursday for any indications of when to reduce stimulus and raise interest rates.<\/p>\n","protected":false},"excerpt":{"rendered":"
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