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The U.S Dollar ramps up amid inflation

Amid the global-political tensions and surging inflation in America, The U.S hit a new record of near a two-decade high on Wednesday, but less than what the market had expected, continuing the tightening policy by the Federal Reserve. The dollar index, which computes the greenback against six important peers, stumbled about 0.1% to 103.92 on Thursday but was still near the 104.19 level achieved at the start of the week for the first time since the year 2002.

Moreover, the consumer price index soared 8.3% on an annual footing in April, easing from 8.5% in March but undermining the 8.1% estimation of economists. According to the data suggested by the economists, the inflation may have reached its apex and was unlikely to calm down quickly and concurrently disrupt the Fed's current monetary policy plans. Rodrigo Cartil, the senior Currency Strategist, claimed, " the unexpected and the stronger U.S inflation raised the concern for the Federal Reserve to continue and accelerate the policy tightening path."

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