Rising inflation reignites rate hike expectations, US dollar set for biggest weekly gain in two months
Odaily reports that the US dollar is heading for its best week in two months, following US data indicating rising inflation pressures that may force the Federal Reserve to consider a rate hike in the coming year. The US Dollar Index (DXY) has risen by more than 1% this week, potentially marking the strongest weekly performance since mid-March. Consecutive higher-than-expected inflation data this week have impacted the US Treasury market and prompted a Federal Reserve official to state that the US is “facing an inflation problem.” Currency markets are now betting on rate hikes by the Federal Reserve this year, a sharp contrast to the widespread expectations for rate cuts or more dovish policies just a month ago. Monex forex trader Andrew Hazlett commented, “This is the result of both heightened tensions in the Middle East (driving oil prices higher) and US inflation data exceeding expectations.” (Golden Ten Data)
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