Dollar hits 5-week high on inflation worries; lira drops, baht soars

The US dollar reached a five-week high against its peers on 6 May 2019 due to growth concerns worldwide and inflation worries in the US. The greenback benefited from a rise in Treasury yields. This followed a surge in a survey of US consumers’ long-term inflation expectations, which reached its highest level since 2011. A Thai opposition win in weekend polls caused the Thai baht to rally almost 1%, while the Turkish lira fell to a two-month low. The dollar index has moved towards Commonwealth Bank of Australia’s end-June target of 104.