Amid looming U.S. inflation data that may guide the timing of a Federal Reserve interest rate increase, the safe-haven currency stood its ground against major peers and traded near a one-month low against the yen on Wednesday.
The U.S. consumer price index for October is expected to increase by 0.4% from 0.2% in September, with the closely watched year-over-year core measure rising 0.3 percentage points to 4.3%.
This is still well above the Fed’s average annual inflation target of 2%.
After retreating gradually from a more than one-year peak of 94.634 reached Friday, the dollar index, which measures the strength of the greenback against six rivals, was little changed on Wednesday morning, the US Dollar Index was around 94.
As a result, the greenback gauge is licking its wounds near the weekly low after a three-day drop.
Those who wish to see the dollar bulls rise above 94.55 will have to consider last week’s multi-month high…