TOKYO : The safe-haven dollar held close to a 14-month high against the euro on Thursday as a surge in energy prices fuelled worries that inflation could crimp economic growth while also prodding the Federal Reserve to act sooner to normalise policy.
The Japanese yen, another safe haven, was mostly flat at 111.375 per dollar, near the middle of its range of the past week and a half. "Traders feared stagflation risks were on the march and questioned how on earth do central banks deal with a stagflation event driven by a supply shock?" Employment has been the Fed's other main focus, and the closely watched non-farm payrolls report on Friday could provide additional clues to the timing of the Fed's next moves.
Source: Energy Industry News (energyindustrynews.net)
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