Dollar Strengthens as Inflation Data Beats Estimates

The US dollar strengthened on Wednesday after a batch of economic data showed inflation rising at a rate of 3.7% in the past year, beating estimates.

Despite this, analysts are divided on whether the Federal Reserve will raise interest rates, with some believing that recent comments from Fed officials suggest they may hold off on further hikes for now.

The dollar index rose 0.24% to 99.145, its biggest daily gain since August 6, as the euro fell 0.18% to $1.1653.