The dollar held a three-day loss against major peers and traded near a one-month low to the yen on Wednesday, with highly anticipated U.S. inflation data looming that could guide the timing of a Federal Reserve interest rate increase.
China will also release readings on consumer and producer prices on Wednesday, which could sway the direction of policy there as property sector woes threaten the broader economy.The dollar index , which measures the greenback against six rivals, was little changed at 93.970 after retreating gradually from a more than one-year peak at 94.634 reached Friday.
Economists polled by Reuters see October's U.S. consumer price index accelerating to 0.4% from the previous month's 0.2% rise, with the closely watched year-on-year core measure gaining 0.3 percentage point to 4.3%, well above the Fed's average annual 2% inflation target. Wednesday's inflation readings from the world's two biggest economies will be the next major indicator of whether rising price pressures are accelerating globally.
Fed officials on Tuesday said it is not clear that high inflation will become more entrenched than previously expected. "Otherwise, the underlying picture remains USD supportive," and dips in the dollar index to the mid-93 level are a buying opportunity, they said.
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