US Dollar Hits 18 Month High on Inflation Data
The US dollar reached an 18-month high after higher-than-expected inflation data revived expectations for a Federal Reserve rate hike. Meanwhile, European currencies declined amid fiscal concerns.
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The United States dollar hit an 18-month high on Wednesday after stronger-than-expected inflation data pushed the EUR/USD down 0.69% to $1.1121. The surge revived rate hike expectations for the Federal Reserve later this month. Higher consumer prices in September sparked concerns that energy-driven inflation is broadening across the broader economy.
