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US Dollar Rises to 15-Week High
The US dollar rose to a 15-week high against the Japanese yen during trading on Tuesday, July 15, after US data revealed an increase in the US consumer price index in June, but it was not significant enough to change expectations regarding the likely timing of the resumption of US interest rate cuts.
The single European currency, the euro, fell against its US counterpart in the latest trading session by 0.27% to $1.1631, its lowest level since June 25.
Conversely, the US currency rose against its Japanese counterpart by 0.66% to 148.68 yen, reaching its highest level since April 3.
The British pound also fell by 0.21% to $1.3399, its lowest level since June 23.
Fed's Caution Continues
Expectations indicate that the US Federal Reserve will remain cautious regarding interest rate hikes, while price pressures are expected to increase due to US President Donald Trump's tariff policies. Federal policymakers are awaiting developments to determine the extent of the impact of these policies.
Previously, US Federal Reserve Chairman Jerome Powell said he expects US prices to rise this summer.
Data released by the US Bureau of Labor Statistics on Tuesday revealed that the Consumer Price Index (CPI) rose 0.3% in June, in line with expectations, after a slight monthly increase of 0.1% in May.
On an annual basis, the US CPI rose 2.7% last month, compared to a 2.4% increase in May.
