Dollar advances as U.S. data shows inflation running hot
- U.S. June CPI comes in hotter than expected
- Weaker oil prices, stronger USD hurts loonie
NEW YORK, July 13 (Reuters) – The U.S. dollar jumped against a basket of currencies on Tuesday after data showed U.S. inflation data for June coming in hotter than expected, raising the prospect that inflationary concerns are set to linger.
U.S. consumer prices rose by the most in 13 years in June amid supply constraints and a continued rebound in the costs of travel-related services from pandemic-depressed levels as the economic recovery gathered momentum.
“(This was) clearly an upside surprise. It will make (Federal Reserve Chairman Jerome) Powell’s testimony on Capitol Hill tomorrow a much trickier exercise than…