On Wednesday, a strong dollar rally slowed down as traders were a little more cautious. They awaited a crucial U.S. consumer inflation report that was expected later in the day, keeping investors from making their big moves.
According to a Reuters report, the dollar steadied earlier in the Asian session after dropping overnight.
Earlier in the week, it had hit a two-year high. However, it soon backed away. This pullback was contributed to by a softer U.S. producer prices report, which eased Treasury yields from their peaks.
The euro hovers above its recent two-year low against the greenback
Against the dollar, the euro hovered above its recent two-year low and last exchanged for $1.0303 at the time of this writing. On the other hand, the pound fell 0.09% against the greenback to $1.2205. Meanwhile, higher borrowing costs and worries about the UK’s fiscal health kept applying pressure on the Sterling.
Investors are closely eyeing Inflation data in the United Kingdom which will come out later on Wednesday. A weak economy and domestic price pressures catalyze the mounting pressure on Chancellor Rachel Reeves, the UK’s finance minister.
Across the other side of the world, the yen’s exchange rate against the greenback remained relatively unchanged at $157.36 at the time of this publication. The Japanese fiat currency drew support from incoming policies that prospect a possible rate hike from the Bank of Japan next week. The Kiwi held at $0.56004 after a slight 0.05% dip while the Aussie retained partial gains realized overnight and was exchanging hands for $0.6189.
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This articles is written by : Fady Askharoun Samy Askharoun
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