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US Dollar Touches Record High for 2018

May 7, 2018 at 16:38 by Vladimir Vyun

Mix of US dollar billsThe US dollar was mixed today, rising against some rivals, falling against others, or staying flat versus some. The currency remained broadly supported by the outlook for higher interest rates from the Federal Reserve.

The Dollar Index rose 0.16% to 92.716 today. Earlier today, the index touched 92.974 — the highest level this year.

Some analysts speculated that the rally of crude oil prices was helpful to the currency as higher energy prices should translate into higher inflation. And that should encourage the Fed to raise borrowing costs more aggressively.

Talking about inflation, the Bureau of Labor Statistics will release the Consumer Price Index for April on Thursday. Analysts expected an increase by 0.3% following the drop by 0.1% in the previous month. The day before, on Wednesday, the Producer Price Index will be released. The median forecast was for an increase by 0.2%, which would be slightly below the previous month’s 0.3%.

EUR/USD fell from 1.1959 to 1.1931 as of 16:32 GMT today. GBP/USD rose from 1.3532 to 1.3564. USD/JPY traded near the opening level of 109.11.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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