Thursday, June 15, 2006

FOREX-Dollar hits 6-week high on core US inflation data

NEW YORK, June 13 (Reuters) - The dollar on Tuesday hit six-week highs against the euro and the yen after a higher-than-expected reading of core U.S. inflation heightened expectations for more Federal Reserve interest rate increases.

Interest rate futures markets pushed up the chances of a quarter percentage point rate increase in the federal funds rate at the end of June, and some analysts are now suggesting the Fed may not stop there.

"Topping out in the fed funds rate is not quite clear and no one is concluding that it is one more move and we're done," Alex Beuzelin, foreign exchange market analyst with Ruesch International in Washington, said. "That's supporting the dollar."

Read more here.

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