Currencies
Dollar’s Rise Toward 2024 High Aided by CPI, Fed Speculation
- Wednesday’s double-whammy of inflation, FOMC buoys greenback
- Worry on EU election risk adds to haven buying of US currency
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The dollar is rising toward a new high for the year on speculation that Wednesday’s US inflation reading and Federal Reserve policy decision will increase demand.
The Bloomberg Dollar Spot Index rose Tuesday for a fourth straight session, climbing a total of 1.1% in that period, amid help from last week’s report of US jobs growth and political turbulence in Europe. The gauge now trades about 0.4% below this year’s peak reached on April 19.