Investing.com – The dollar pulled away from one-week highs against other major currencies on Wednesday, as excitement over upcoming U.S. rare hikes faded and as investors turned their attention to Friday’s U.S. inflation data.
The greenback initially found support after San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates given that economy will benefit from tax cuts.
The comments came a day after Cleveland Fed President Loretta Mester said she expects about this year, thanks to solid U.S. economic growth and low unemployment.
Market participants were now focusing on the release of due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 92.13 by 05:15 a.m. ET (09:15 GMT), off the previous session’s one-week high of 92.36.
The euro was steady, with at 1.1940, while slid 0.32% to 1.3497.
The pound shrugged off earlier data showing that UK manufacturing production in November.
The yen remained stronger, with down 0.82% at 111.74, while held steady at 0.9818.
The yen remained supported after the Bank of Japan in its latest market operation on Tuesday, reminding investors that it will eventually normalize monetary policy.
Elsewhere, the Australian and New Zealand dollars were stronger, with up 0.14% at 0.7835 and with advancing 0.45% to 0.7194.
Meanwhile, slipped 0.12% to 1.2448.
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.
Latest posts by investing.com (see all)
- Forex- U.S. Dollar Falls as Sterling Rises - March 20, 2018
- Forex – GBP/USD Surge Above $1.40 Weighs on Dollar Ahead of FOMC - March 19, 2018
- Forex – Dollar Index Holds Steady with Fed Meeting in Focus - March 19, 2018