Dollar Up, at One-Month Low Against Yen as Investors Await U.S.

By Gina Lee

Investing.com – The dollar was up on Wednesday morning in Asia after a three-day loss, and was near a one-month low against the yen. Investors now await the latest U.S. inflation data that could provide a clue to the U.S. Federal Reserve’s timetable for interest rate hikes.

The that tracks the greenback against a basket of other currencies inched up 0.08% to 94.032 by 11:54 PM ET (4:54 AM GMT).

The pair inched down 0.02% to 112.82.

The pair edged down 0.11% to 0.7367 and the pair edged down 0.20% to 0.7111.

The pair inched up 0.03% to 6.3934. showed that the consumer price index (CPI) grew 0.7% and 1.5% in October. The grew by 13.5% year on year.

The pair inched up 0.02% to 1.3557.

Tuesday’s data showed that the U.S. PPI grew 0.6% and 8.6% in October. The grew 0.4% month-on-month, and the figure is due later in the day.

“We’ll need to see a print of 0.8% month-on-month to see the dollar index break out of the top of the range of 94.50,” Pepperstone head of research Chris Weston said in a note. While the dollar has been trending lower against the yen, “if U.S. CPI comes in hot then this poses a risk to USD/JPY shorts,” Weston added.

In the ongoing debate on when the Fed will hike interest rates, St. Louis Fed President James Bullard noted corporate pricing power and has already penciled in two interest rate hikes in 2022. San Francisco Fed President Mary Daly, on the other hand, expects “eye-popping” inflation to subside in 2022 as supply-chain bottlenecks subside.

U.S. President Joe Biden met with Fed Governor Lael Brainard, a potential candidate to be the next Fed Chairman. She is considered a dovish pick, and “Brainard’s possible nomination as Fed Chair is chipping at the dollar,” Westpac analysts said in a note.

“Otherwise, the underlying picture remains dollar-supportive,” the note added.

In cryptocurrencies, bitcoin traded around the $67,000 mark, not far from the record high of $68,564.40 hit on Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible….



Read More: Dollar Up, at One-Month Low Against Yen as Investors Await U.S.