Dollar Recedes From 20 Year High Against Euro – 13 July, 2022

U.S. annual consumer prices were 9.1% higher in June, the largest increase in over forty years, leaving basics such as food, gas, and healthcare more expensive. The dollar retraced from a 20-year high and the euro broke back above parity, following a brief dip below, after data on Wednesday showed U.S. consumer price inflation surged to a more than 40-year high in June. After the data, the euro fell to $0.9998 against the greenback, plunging below the $1 mark for the first time since December 2002, before settling slightly higher at $1.0061. The dollar index reached 108.59, the highest since October 2002, before falling back to 107.95. The euro is being hurt as the region faces an energy crisis sparked by sanctions imposed on Russia due to its invasion of Ukraine. The U.S. dollar gained 0.31% against the Japanese yen to 137.33, after earlier hitting a 24-year high of 137.81.