Dollar hits 16-month high
The US dollar hit a 16-month high against a basket of major currencies on Monday, while investors awaited new data this week on US consumer spending.
The dollar received support last Wednesday from data showing that US consumer prices rose last month at the fastest annual pace since 1990, which casts doubt on the Federal Reserve’s belief that inflation pressures will be transient, and fuels expectations that interest rates will rise sooner than expected in the previous.
At 1750 GMT, the dollar index, which measures the value of the green currency against six competing currencies, recorded 95.405, its highest level since July 2020.
The euro fell to its lowest level in 16 months against the US currency.
It was traded in the latest transaction, down 0.49 at $1.1387.
Against the Swiss franc, the euro fell to its weakest level in 18 months, and was last traded down 0.15 percent at 1.0523 francs.
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