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15 Nov 2021

Dollar Close to 16-Month High as Market Awaits Fed Policy

The Index Today

The dollar retreated from a 16-month high on Monday amid speculation on upcoming Federal Reserve clues on interest rate hike and spiking inflation.

The USD index measured against six currencies went down slightly by 0.13% to 95.012 from Friday after reflecting its largest weekly gains since August. The upcoming U.S economic calendar for the week will focus on retail sales report after Friday’s survey showed a drop in consumer confidence and increased inflation.

Data from last week showed how rising consumer prices were recorded at their highest level since 1990, pointing towards surging inflation. The Fed remains steady on its stance that inflation is temporary and transitory, causing the dollar to peak.

The euro went up 0.12% to $1.1457, but remained within its 16-month low of $1.1433. The Australian dollar increased by 0.17% to $0.7425 with the support of improved Chinese retail sales and output report from Monday. Investors are looking forward to the upcoming virtual summit between the President Joe Biden and Chinese leader Xi Jinping.

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