Dollar hits one-week high on US inflation and tensions
The dollar rose as US inflation hit 3.8 percent in April and Middle East peace hopes faded. Traders are now pricing out rate cuts for the remainder of the year.
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The United States dollar index rose 0.1% to 98.449, reaching its highest level since May 5. Hotter-than-expected inflation and geopolitical tension in the Middle East drove safe-haven demand for the greenback. Markets have largely priced out any Federal Reserve interest rate cuts for the remainder of the year as the oil shock pushes consumer prices higher.
