Egypt Independent

US dollar hits highest rate in 3 weeks

The US dollar hit its highest rate in 3 weeks on Tuesday, compared to other foreign currencies.
A senior official from the Federal Reserve Board of Governors said US inflation rates will rise in accordance with the increase in wage rates, boosting speculation that the Federal Reserve System will continue to raise interest rates.
The US currency received additional support today when Governor of the Bank of England Mark Carney said that the time is not right to raise British interest rates, which has led the pound to fall more than half a percent against the dollar.
The US dollar index, which tracks the performance of the dollar against six other major foreign currencies, including the British pound, rose on Tuesday to 97.623, its highest level since the end of May.
Edited translation from Al-Masry Al-Youm