Dollar Strengthens for the Fifth Consecutive Week

(Patria) - In currency markets, the dollar's value against a basket of currencies rose last week, for the fifth time in a row, as it becomes increasingly clear that the US central bank's interest rates will remain elevated longer than expected.

The dollar index, which measures the value of the dollar against six major world currencies, strengthened by 0.1 percent last week, to 106.12 points, reaching a five-month high at one point.

The dollar's value against the European currency slipped by 0.1 percent, with the euro rising to $1.0655.

However, the dollar strengthened against the Japanese currency by 0.9 percent, with its exchange rate reaching 154.65 yen and hovering around a 34-year high.

The dollar's strengthening is a consequence of assessments that the US central bank will not begin lowering interest rates as quickly as expected because the economy and labor market remain strong, while inflation is elevated.