The dollar trod water against major peers on Wednesday after weakening in the past three days, and traded near a one-month low to the yen, with investors awaiting U.S. inflation data for a clue to when the Federal Reserve might raise interest rates.
The safe-haven yen also benefited from global stocks retreating from a record peak as rising oil prices stoked inflation worries.
Fears of potential contagion from China’s property market woes also fuelled the search for safer assets, and the riskier Australian and New Zealand dollars fell.
The dollar eased slightly to 112.83 yen, threatening to dip back to Tuesday’s low of 112.73, a level last seen on Oct. 11.
The dollar index, which measures the greenback against six rivals, edged back to 94.053, after descending from a more than one-year peak at 94.634 that was briefly reached on Friday.
The euro slipped 0.13% to $1.15805, but held on to most of a three-day gain that had brought it close to the month’s high of $1.16165.
U.S. consumer price index data for October is set to be released later in the global day. Economists polled by Reuters expect a 0.4% rise in the October index, accelerating from a 0.2% rise in the previous month, 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.
Reference: Reuters
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