Exchange rate 24 June: The dollar rose, investors waited for inflation data for the Fed's interest rate decision

The dollar rallied Friday morning in Asia ahead of US inflation data and after the European Central Bank (ECB) proposed future rate hikes.

The US Dollar Index, which tracks the greenback against a basket of other currencies, fell 0.09% to 103,177 at 1:09 AM ET (5:10 AM GMT).

USD / JPY dropped 0.40% to 133.79.

AUD / USD increased 0.13% to 0.7106 and the NZD / USD rate increased 0.19% to 0.6404.

USD / CNY decreased by 0.03% to 6.6900, while GBP / USD increased by 0.10% to 1,2502.

China's manufacturing-sector inflation cooled to a 14-month low in May. Official data showed producer price index (PPI) increased by 6.4% year-on-year in May. while an increase of 8.0% was registered in April due to weaker demand for steel, aluminum and other raw materials due to the interruption of COVID-19.

The data also shows that the consumer price index (CPI) was up 2.1% year-on-year in May.

Shanghai has continued to partially shut down due to a new outbreak of COVID-19 after easing restrictions on June 1.

Meanwhile, investors are evaluating interest rate hike signals from the ECB with a quarter-rate hike in July and a larger increase if inflation remains high. Inflation in the Eurozone has now exceeded 8%. The ECB will also stop buying net assets on 1 July 2022.

Short-term US Treasury yields have risen higher.

Investors are now shifting their focus to US inflation data, due at the end of the day, for more indications of the Federal Reserve's rate hike roadmap.

Analysts at Westpac said the dollar index is set to stabilize between 101 and 105 and could continue higher if US CPI data and next week's Fed meeting underscored high yields. more, according to Reuters.

In terms of cryptocurrencies, Bitcoin is at $ 29,800.
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