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Dollar close to 1-month high ahead of CPI report

22nd July 2014

The US dollar has strengthened against a host of its forex trading peers today (July 22nd), amid mounting speculation the Federal Reserve will lift interest rates earlier than previously anticipated.

Ahead of the release of the latest consumer price index (CPI) inflation report by the Labor Department later in the session, analysts have highlighted the fact correlation between dollar-yen and Treasury two-year yields has risen to the highest since March - perceived to be an indicator of investors' expectations of a hike in borrowing costs.

This has helped to support a rise in the dollar spot index - which monitors the greenback against ten of its major forex counterparts - and the gauge was trading at 1,009.76 early in the European session - just below the one-month high of 1,011.72. 

According to the consensus estimate, today's report will show US CPI increased at an annual pace of 2.1 per cent in June, matching the gain in the previous month. This figure has risen from 1.1 per cent since February. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.