Currency Buzz: Dollar Stands Tall On Expectation Of Oversized Rate Hike By Fed

14 Jul 2022 , 11:52 AM

The dollar index continues to stand tall, amid expectations of a more aggressive Federal Reserve rate hike after data revealed US annual inflation surged 9.1% in June 2022, hitting its highest level since 1981. Meanwhile, growing fears of a recession and safe haven flows have also contributed to dollar strength. According to media reports, Fed Bank of Atlanta President Raphael Bostic said ?everything is in play? to combat price pressures. Fed Bank of Cleveland President Loretta Mester also stated that the CPI report was uniformly bad and that the central bank will need to go well beyond the neutral level of rates. The dollar index, that tracks the greenback against a basket of currencies was hovering at two decades high of 108.32, up 0.52% on the day. Powered by Commodity Insights