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Dollar rises on inflation fears
The dollar rose in Asian trading on Wednesday, November 11, nearing a two-week high, supported by higher-than-expected inflation data and hawkish remarks from Federal Reserve officials. The dollar index gained 0.1% to 102.30, after rising about 0.5% in the previous session, as October data showed increases in food and housing costs. Traders ruled out rates remaining unchanged in December, pricing in an 85% chance of a 25-basis-point hike and a 15% chance of a 50-basis-point hike, with another increase in January seen as likely.
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