Financial Insights

Hot US inflation drives dollar to 2021 peaks

The dollar was at its highest level this year against the pound sterling and the euro on Thursday, but the yen plunged the most in a month after the hottest U.S. inflation rate of the generation spurred bets on interest rate hikes.

Euro was pushed down 1% by massive support to $ 1.1476 after the US consumer price index reached 6.2% overnight.

It was fixed at that level early in the Asia session and lacks chart support until around $1.12.
Sterling dropped 1.2% to $1.3401. This is the lowest level since July 2020.

The pound fell 1.2% to $ 1.3401 which is the lowest level since December 2020. The yen reversed a week of gains in a few hours and dropped 0.8% to 114.00 per dollar.

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