(New York City) Inflation concerns overshadowed the dollar’s recovery in May, still the largest decline in a year | Anue Juheng

The dollar rose broadly once morest major currencies on Tuesday (31st), mainly benefiting from rising U.S. bond yields and investor concerns regarding rising global inflation.

ICE, which tracks the dollar once morest six major currencies, was late in New York US dollar index (DXY) rose 0.3 percent to 101.76, its biggest gain in nearly two weeks.

butUS dollar index It still fell by 1.4% in May, the largest decline in a year, and the five-month increase this year has converged to 6.4%.

Hawkish Federal Reserve Governor Christopher Waller said on Tuesday that he supports raising interest rates by 2 yards at each subsequent meeting until inflation is clearly contained. The remarks drove U.S. bond yields higher.

U.S. President Biden met with Fed Chairman Powell on the same day. According to White House staff, Biden told Powell that he would give the Fed space and independence to quell inflation in an appropriate way.

Shaun Osborne, chief currency strategist at Scotia Bank, said Tuesday’s rally representedUS dollar indexFirmer support is found near the 50-day SMA.US dollar indexThe past few days have continued to climb, and there is a chance to stand on this technical level.

“But we still think thatUS dollar indexA big rally is unlikely, still in the early stages of a recent bullish reversal. “

EURThe district announced on Tuesday that inflation accelerated to 8.1% in May, a record high and above market expectations of 7.7%, adding to pressure on the European Central Bank (ECB) to raise interest rates in recent months. The report shows that price pressures are not limited to the energy sector, but are becoming more widespread.

despite this,EURThe dollar remained weak on Tuesday, falling to its lowest level in five days.

European Union leaders agreed on Monday to sanction most of Russia’s crude by the end of the year, boosting oil prices and boosting commodity currencies.

Canadian DollarsUSD/USD hits 1.2653 Canadian Dollars, is a nearly one-month high. The Bank of Canada (BoC) will meet on Wednesday, with analysts unanimously forecasting a 2-yard rate hike to 1.5%.

Prices as of Wednesday (1st) at regarding 6:00 Taiwan time:

• US dollar indexReport 101.7679. +0.40%
• EURExchange rate once morest the US dollar (EUR/USD) at 1 EURConvert to $1.0734. -0.39%
• GBPExchange rate once morest the US dollar (GBP/USD) at 1 GBPConvert to $1.2601. -0.40%
• AUDExchange rate once morest the US dollar (AUD/USD) at 1 AUDConvert to $0.7176. -0.29%
• dollar once morestCanadian Dollars (USD/CAD) exchange rate is quoted at 1.2647 for 1 US dollar Canadian Dollars。-0.06%
• dollar once morestJapanese Yen (USD/JPY) exchange rate quoted at 128.70 for 1 US dollar Japanese Yen。+0.85%

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