Dollar strengthens after inflation print tops forecasts
The U.S. dollar rose off a 2-1/2-month low versus major peers on Wednesday, as some traders bet that a hotter-than-expected inflation report could force the Federal Reserve to tighten monetary policy sooner than telegraphed.
Though the dollar index touched its weakest in more than two months against the euro overnight, it later rose to 90.77 as selling pressure persisted in stock markets following the Labor Department’s report on consumer prices
The yen rose 0.9% to 109.59 per dollar.
In the digital space, cryptocurrency ether rose about 4% to a record $4,358.38, bringing its gain this month to 56%.
That’s as bigger rival bitcoin remains stuck below $60,000, nearly a month after setting an all-time peak at $64,895.22. It last traded around $57,471.20.
10-year Treasury yield jumps to one-month high after hotter-than-expected inflation report
U.S. Treasury yields moved higher on Wednesday after key inflation report showed a faster-than-expected rise in prices.
The yield on the benchmark 10-year Treasury note rose 5 basis points to 1.686%, hitting the highest lvel since April 13. The yield on the 30-year Treasury bond gained 3 basis points to 2.386%. Yields move inversely to prices.
Reference: CNBC
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