Dollar surges to half-year high versus Japanese yen

Markets 7/11/2018, 8:08 PM
Dollar surges to half-year high versus Japanese yen

Data on wholesales and an increase in factory gate inflation in the United States underpinned the world's reserve currency on Wednesday. The dollar jumped 0.99% at 8:07 pm CET to ¥112.0895, its highest against the Japanese counterpart since January 10, boosted also by the fallout after the government in Washington announced it would roll out a massive round of import tariffs on Chinese goods, covering most of the merchandise from the most populous country.

Ahead of tomorrow's consumer price index update in the US, statistics showed wholesales jumped by a surprisingly strong 2.5% and inventories grew 0.6% in May. Annual producer price growth surged last month to 3.4%, the most since 2011. Charles Evans, president of the Federal Reserve Bank of Chicago, praised the economy's strength in an interview and indicated he shifted toward a more hawkish outlook for interest rates.

The euro dropped 0.63% to $1.16707. The pound lost 0.51% to $1.3207. The greenback was up 1.03% at 6.7192 offshore yuan, nearing the strongest point since August, and 0.46% at 0.9964 Swiss francs.

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