Dollar Hits 2-Month High Amid Inflation Fears, Rate Hike Expectations

Doha: The dollar held steady at a two-month high on Thursday after strong manufacturing data reignited inflation fears and bolstered expectations for interest rate hikes.

According to Qatar News Agency, The US currency's strength pushed the euro to $1.1378, its lowest level in two months, while sterling pound hovered near a three-month low of $1.3231.

The dollar index, which measures the US currency against a basket of peers, held near a two-month high at 101.1.

At 157.9, the Japanese yen hovered near its three-week low, with traders remained on alert for possible intervention after markets judged the Bank of Japan's rate hike to a 31-year high last week as insufficiently hawkish.

The Australian dollar stood at $0.7035, down 0.07% ahead of the latest employment data, while the New Zealand dollar held steady at $0.5676.