Dollar Turns Weak Against Major Rivals As Market Awaits More Economic Data
(RTTNews) - The U.S. dollar shed ground against most of its major counterparts on Wednesday, giving up some recent gains, as investors looked ahead to the next batch of U.S. economic data, due later in the week.
Data from the Labor Department Tuesday showed consumer price growth in the U.S. slowed to 3.1% in January from 3.4% in December. Inflation was expected to slow to 2.9%.
The annual rate of core consumer price in January came in unchanged from the previous month at 3.9% versus expectations for a decline to 3.7%.
The report underscored the Fed's messaging that officials need more information specifically inflation-related data before a policy transition.
Investors await reports on weekly jobless claims, retail sales, industrial production and import and export prices, due on Thursday.
The dollar index dropped to 104.66 before edging up slightly to 104.73, still trailing the previous close by about 0.22%.
Against the Euro, the dollar weakened to 1.0728, and firmed to 1.2564 against Pound Sterling.
The dollar is weak against the Japanese currency, fetching 150.61 yen a unit, down from Tuesday's close o f 150.78 yen. Against the Aussie, the dollar is weak at 0.6492. The Swiss franc is up against the dollar, firming to CHF 0.8856, while the Loonie has strengthened to 1.3547 against the greenback.
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