The Dollar rose broadly on Wednesday as a better-than-expected report on US durable goods orders for April bolstered the view the Federal Reserve may keep interest rates on hold or even raise them by year-end. Demand for the greenback also rose after reports showed rising German inflation and Oil prices eased from recent record highs. Oil prices traded well below last week's record at 5.09 a barrel.
Yesterday German inflation May data supported expectations for the ECB to retain its hawkish, inflation-fighting stance despite signs of an economic slowdown seen in recent sentiment surveys from euro-zone member states. Other data in Europe showed the outflow of investment from the euro-zone accelerated in March.
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