The dollar hovered near a two-decade high against major peers on Wednesday, ahead of a key reading on inflation that should provide clues on how aggressive the Federal Reserve will be in tightening monetary policy.
The dollar index , which measures the currency versus six rivals, slipped slightly to 103.81, but still not far from the high of 104.49 reached at the start of the week for the first time since December 2002.
After the Fed raised its benchmark overnight interest rate by 50 basis points last week, the largest hike in 22 years, investors have been attempting to assess how aggressive the central bank will be. "Look for ongoing demand for on dips, with 104 already being probed and still potential for a run towards 107 multi-week."
The euro "remains heavy" above $1.05, he wrote, and a strong CPI print could push the Australian dollar below $0.69.
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