Dollar rises, yen weakens on high inflation
The dollar rose on Thursday morning in Asia, touching its highest rate versus the pound and the euro this year. Meanwhile, the yen plunged after the United States’ inflation soared to its highest level in a generation, fueling expectations on interest rate hikes.
The U.S. Dollar Index that measures the greenback against other major currencies tallied an increase of 0.07% to 94.905 by 11:50 PM ET (4:50 AM GMT).
The USD/JPY pair jumped 0.07% to 113.98.
The AUD/USD pair slid 0.38% to 0.7298, while the NZD/USD pair dropped 0.29% to 0.7038.
The USD/CNY pair nudged 0.27% higher to 6.4055, while the GBP/USD pair shed 0.03% to 1.3405.
The euro lost 1% to $1.1476, its lowest rate since July 2020.
The consumer price index (CPI) reached a 6.2% year-on-year growth and a 0.9% month-on-month expansion in October. The core CPI climbed 4.6% year-on-year and 0.6% month-on-month.
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