US Dollar Strengthens Across the Board as Producer Prices Jump

US Dollar Strengthens Across the Board as Producer Prices Jump

The US dollar rose across all the major currencies as rising inflationary concerns spurred speculation that the Fed may hold back on additional rate cuts. As a result, the strengthened dollar picked up the most against the British Pound as disappointing UK data weighted on the currency, and was followed by the New Zealand dollar as the pair plunged to 0.785. The US dollar appreciated against the Swiss franc as the pair traded in parity, and was followed by the low yielding Yen as the pair reached 101.81. The Canadian and Australian dollar also weakened against the US dollar amid oil prices hitting a new record high of $113.99 a barrel.