The US dollar strengthened against major currencies during trading on Wednesday amid ongoing concerns about accelerating inflation in the world. Additional support for the dollar is provided by expectations of a rapid tightening of monetary policy by the Federal Reserve System (FRS). US President Joe Biden held a meeting with Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen on Tuesday to discuss the outlook for the US economy and the global economy. Following the meeting, Biden said that he “does not intend to interfere in the extremely important work” of the Fed. Consumer prices in the eurozone in May increased by 8.1% in annual terms after rising by 7.4% in April, showed preliminary data from the European Union Statistical Office, published yesterday. This is the highest figure in the history of calculations. Analysts polled by Trading Economics, on average, predicted a 7.7% increase in prices this month. Bloomberg’s consensus forecast was for a 7.8% rise As of 09:27 Moscow time, the dollar against the euro rose 0.19% to $1.0714 compared to $1.0734 at market close on Tuesday. The dollar against the Japanese currency rose by 0.44% – to 129.23 yen per dollar against 128.67 yen at the close of trading the day before. The value of the British pound against the dollar fell by 0.09% to $1.2591 from $1.2602. The ICE-calculated index showing the dynamics of the dollar against six currencies (the euro, Swiss franc, yen, Canadian dollar, pound sterling and the Swedish krona) is up 0.28% in morning trading, the broader WSJ Dollar Index is up 0.25% . Source: FINMARKET.RU

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