The greenback rose as high as 116.39 yen in early trade, its best level since January 2017, while sterling was beaten down at $1.3089, having tumbled 0.8% overnight to a 16 month-low.
The CPI data “basically indicates that the Fed should be hiking rates this month, but it also indicates that they will keep going at least initially,” said Rodrigo Catrill, a currency strategist at National Bank of Australia. The euro was last at $1.1010 having finished a choppy Thursday 0.8% lower, though in the course of the day it had risen to as high as $1.112 and dropped as low as 1.0975.
The ECB said on Thursday it will phase out its stimulus in the third quarter, opening the door to an interest rate hike before the end of 2022 to combat soaring inflation.
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