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U.S. dollar gains on speculation of rising inflation

English.news.cn   2014-06-21 08:41:24

NEW YORK, June 20 (Xinhua) -- The U.S. dollar rose versus other currencies Friday as traders expected U.S. inflation may accelerate faster.

U.S. Consumer Price Index for All Urban Consumers increased 0.4 percent in May on a seasonally adjusted basis, the biggest gain since February 2013, thanks to rising food and energy prices, said the Labor Department Tuesday. The figure topped economists' forecast for a 0.2-percent rise.

While the so-called core CPI, excluding food and energy components, advanced 0.3 percent in May from the prior month, also surpassing market consensus of a 0.2-percent increase.

The Federal Reserve Chair Janet Yellen said Wednesday that the central bank plans to keep its interest-rate target low for a considerable time after it ends its bond-buying program.

Analysts expected the recent pickup in inflation will continue and the Fed may let U.S. inflation run a little bit higher but not raise rates. But a later return to increased interest rate has been widely expected.

In late New York trading, the euro lost to 1.3593 U.S. dollars from 1.3608 dollars of the previous session, and the British pound decreased to 1.7011 U.S. dollars from 1.7042 dollars. The Australian dollar went down to 0.9385 U.S. dollar from 0.9403 dollar. The U.S. dollar bought 102.13 Japanese yen, higher than 101.94 yen of the previous session. The greenback moved up to 0.8957 Swiss franc from 0.8942 Swiss franc but moved down to 1.0756 Canadian dollars from 1.0823 Canadian dollars.

Editor: Xiang Bo
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