Bargain hunters push the dollar up

Wednesday, 18/01/2017 | 16:09 GMT-0

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The U.S. dollar regained some ground against its counterparts on Wednesday, with dip buying kicking in a day after President-elect Donald Trump triggered selling by suggesting the currency was too strong.

The dollar maintained its strength after data showed that inflation in 2016 rose at the fastest pace in five years. Higher inflation could prompt the Federal Reserve to raise interest rates even more rapidly in 2017.

The dollar USDJPY, +0.63% traded at ¥113.35, up from ¥112.78 late Tuesday in New York. The euro EURUSD, -0.2427% was changing hands at $1.0667, lower than $1.0705 late Tuesday.

Meanwhile, losses for the pound GBPUSD, -0.6767% accelerated during afternoon trade in London, with sterling buying $1.2277, compared with $1.2393 on Tuesday.

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Source: https://www.ag-markets.com/news/

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