International Business: Dollar rises against euro, hits two-week high vs yen – Gulf Digital News

International Business: Dollar rises against euro, hits two-week high vs yen – Gulf Digital News

The euro edged further away from a monthly high on Wednesday and the US dollar nudged higher, lifted by higher Treasury yields as global inflation worries flared anew.

The dollar index, which measures the currency against six major peers, including the euro, rose 0.2% to 101.96, extending on Tuesday's gains, when data showed euro-area consumer inflation soaring to a record.

The euro was down 0.2% against the greenback, continuing to edge back from a one-month high of $1.0787, reached on Monday, when national CPI readings from the euro zone indicated a high inflation print for the bloc.

"Belgian, Spanish and German inflation data on Monday set the scene," said Jamie Dutta, market analyst at Vantage Markets.

"EUR/USD has approached the $1.08 level, coming back from the depths of $1.0348, so what we've seen is really a technical pullback," Dutta added.

The dollar index swooned to a one-month low of 101.29 on Monday after pulling back from a nearly two-decade high above 105 in mid-May, as U.S. inflation and other economic indicators showed signs of peaking amid the Federal Reserve's aggressive policy tightening.

A two-day boost has seen the index trading back towards 102.00.

"The greenback appears less sluggish than it has been in recent trading sessions, but