Upward pressure continues on the mighty US Dollar, following statements by the Fed Chairman, regarding inflation. The jump in October inflation, has been noted and the Fed are now expected to raise rates in December, by at least 25 basis points. This has led to further upward pressure on the US Dollar, with the EUR tumbling to 1.1100, while the GBP crashed to 1.3270. Oil bounced back to US$88/barrel, but inflationary pressures may be easing, considering the cooling of the political atmosphere in the Middle East.Commodity currencies suffered further downward pressure from the resurgent reserve, with the AUD falling to 0.6850, while the NZD drifted to 0.5560. Inflation and growth remain the story, with rising US bond yields, driving the Dollar. The US Dollar is reaching levels not seen in more than a year.
