Dollar Rises as Emerging Signs of Inflation Bolster Rate Outlook
- U.S. core consumer prices jump most in more than four years
- Bloomberg greenback gauge set for first weekly gain in a month
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The dollar gained versus most of its major peers as an economic report showed U.S. inflation climbing, boosting the case for further interest-rate increases this year.
The greenback touched a two-week high versus the euro as an index of core consumer prices advanced last month by the most in more than four years. Federal Reserve Bank of Cleveland President Loretta Mester said Friday that the CPI report bolstered her projection that inflation will eventually return to the Fed’s 2 percent target.