Currency Buzz: US dollar index holds around 101 mark as Fed's Waller highlights elevated inflation

The US dollar spiked yesterday as markets eyed unrest on geopolitical front following US-Iran attacks. Interest rate dynamics also stayed in place. Federal Reserve Governor Christopher Waller noted that inflation is up this year and he is concerned about the elevated pace of core inflation. The US central bank may need to raise interest rates in the near term if upcoming data continues to run hot, he said. This pushed up the US treasury yields and also made the US dollar index break above 101 mark. The US dollar index is currently quoting flat at 101 mark but is holding around one and half week high.

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