The price of the dollar settled near its lowest level in two months against the major currencies on Wednesday, ahead of the release of data that is expected to show a new rise in the US inflation rate, which supports the prospects of rising interest rates early.<\/p>\n\n\n\n
Federal Reserve Chairman Jerome Powell gave no clear indication in his testimony on Tuesday before the Senate Banking Committee that the House was in a rush to speed up the rate hike, which pushed the dollar lower after it rose supported by interest rate hike expectations in the past weeks.<\/p>\n\n\n\n
The dollar index was last trading at 95.611, stable on Wednesday. It had fallen to 95,533 in Asian trade, its lowest level since November 18.<\/p>\n\n\n\n
The consumer price index data, expected to be released at 1330 GMT, is expected to point to a sharp rise of 7 percent in the inflation rate, which may be the highest level since 1982.<\/p>\n\n\n\n
The dollar rose only 0.1 percent against the yen to 115.44 yen to the dollar. The euro settled at 1.1355 dollars.<\/p>\n\n\n\n
The Australian dollar retreated from its highest level in a week to $0.72230.<\/p>\n\n\n\n
The pound rose to $1.3645 for the first time since November 4, buoyed by the view that the worst period of mutated omicron from the coronavirus may be fading in Britain.<\/p>\n","protected":false},"excerpt":{"rendered":"
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