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    Dollar index hits 2-week highs after strong U.S. CPI

    The publishing of upbeat U.S. inflation data on Friday, had as a result to encourage optimism over the strength of the economy with the dollar climbed up to two-week highs against the other major currencies.
     
    Data showed that the U.S. consumer price index was flat in January, missing expectations for a 0.1% downtick, however, year-on-year, consumer prices increased by 1.4% last month.
     
    Core CPI, which excludes food and energy, rose 0.3% in January, more than the expected 0.2% gain and after a growth of 0.2% in December.
     
    Elsewhere, the demand for the safe-haven yen still continued to find support as oil prices resumed their downward trend on Friday, a day after the Energy Information Administration said U.S. crude inventories rose by 2.1 million barrels last week, to a peak of 504.1 million barrels. As a result, the dollar was down 0.23% against the Japanese yen, with USD/JPY to trade at 112.99.
     
    The single currency slid 0.32% against the dollar, with EUR/USD to trade at 1.1067.
     
    The dollar moved higher against the Sterling pound and the Swiss franc, with GBP/USD down 0.60% at 1.4250 and with USD/CHF edging up 0.19% to 0.9947.
     
    Meanwhile, the dollar was stronger against the Australian and New Zealand dollars, with AUD/USD down 0.92% at 0.7091 and with NZD/USD sliding 0.83% to 0.6590.
     
    The greenback gained 0.57% against its Canadian counterpart, with USD/CAD trade at 1.3805 after data showed that Canada’s retail sales dropped 2.2% in December, confounding expectations for a 0.6% slip, after a 1.7% increase in November.
     
    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.29% at 97.11, the highest since February 8.

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