The USDJPY pair hit a 7-month high this week. The dollar was buoyed by comments from Fed chief Jerome Powell in which he stated that a majority of the regulator's representatives expect at least 2 more rate hikes before year's end.
The dollar is supported by positive statistics, with Durable Goods Orders, excluding defence goods, in the US rising by 3% in May and consumer confidence nearly reaching its 18-month high.
According to data released yesterday from the UK's Office of National Statistics, consumer prices rose by 8.7% in annualised terms and by 0.7% compared to April.
The S&P500 index was up almost 2.5% on the week. The gains were largely attributable to a combination of a pause in the Fed's hawkish monetary policy and increased investor appetite for risk.