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Dollar gains on inflation concerns
The US dollar rose today after a sharp decline last week, driven by inflation concerns and rising US Treasury yields, which reached their highest levels in over 19 years at 5.337%. Bond sell-offs and investor hedging strategies, including gold and cryptocurrency purchases, supported the dollar and mitigated the impact of US Treasury Department interventions aimed at lowering yields. Markets are looking ahead to upcoming inflation data and the Federal Reserve Chair’s keynote speech for fresh clues on the path of interest rates, amid worries over the growing US government debt, which has exceeded $40 trillion, and its impact on the currency markets.
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