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The dollar holds firm ahead of US inflation data ahead of Reuters

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© Reuters. PHOTO PHOTO: An employee of the Korea Exchange Bank counts one hundred US dollars banknotes at the bank’s headquarters in Seoul on April 28, 2010 in a photo shoot. REUTERS / Jo Yong-Hak

Author: Sinéad Carew

NEW YORK (Reuters) – It was slightly higher on Tuesday as traders were cautious in the face of U.S. inflation data a day earlier.

The dollar zigzagged after Tuesday’s data showed U.S. producer prices rose sharply in October, indicating that high inflation could linger for a while amid tight pandemic-related supply chains.

But traders were holding big moves ahead of the Consumer Price Index (CPI) data that would be released on Wednesday morning, with inflation being the main topic of discussion.

“Tomorrow it will be useless to look for a major move before the US CPI. It is likely that we will see a little more movement on the FX side after the CPI,” said Mazen Issa, senior FX strategist at TD Securities.

“The KPI print is expected to be relatively hot with a stronger print than the consensus on what is expected.”

Economists surveyed by Reuters expect the monthly CPI to accelerate to 0.4% from the previous month’s 0.2% rise, and the closely watched year-on-year measure gains 0.3 percentage points to 4.3% for the Fed’s annual well above the average inflation target of 2%.

The dollar index rose 0.03% to 94.0730 and the euro fell 0.03% to $ 1.1583.

Elsewhere, the yen reached a one-month high against the green card at 112.73, before falling back to the final trade at 112.91.

Sterling, hammered out last week by a surprise decision by the Bank of England to hold rates down 0.21% to $ 1.3537.

The New Zealand dollar fell 0.61% to $ 0.7122 after jumping on Monday. The Reserve Bank of New Zealand, with the option to raise rates by 50 basis points by the end of this month, has received support from traders.

The Australian dollar, which is risk-sensitive, fell 0.6% to trade at $ 0.7377.

He set a record $ 68,564.40 before reversing the course. It fell 0.4% to $ 67,261. Earlier, Ether also set a record high of $ 4,842.65.

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Currency bid prices at 10:08 (1508 GMT)

Description RIC Latest USA Close Pct Switch YTD Pct High Supply Low Supply

Previous Change

Session

Dollar index 94.0730 94.0540 + 0.03% 4.548% +94.11180 +93.8720

Euro / Dollar $ 1.1583 $ 1.1587 – 0.03% – 5.19% + $ 1.1609 + $ 1.1570

Dollar / Yen 112.9100 113.2200 – 0.27% + 9.28% +113.2900 +112.7300

Euro / Yen 130.79 131.18 – 0.30% + 3.05% +131.2600 +130.6900

Dollar / Switzerland 0.9137 0.9136 – 0.01% + 3.26% +0.9153 +0.9117

Sterling / dollar $ 1.3537 $ 1.3566 – 0.21% – 0.91% + $ 1.3607 + $ 1.3538

Dollar / Canadian 1.2481 1.2441 + 0.33% -1.98% +1.2482 +1.2430

Aussie / dollar $ 0.7377 $ 0.7423 -% -0.60 -% -4.08 + $ 0.7431 + $ 0.7377

Euro / Switzerland 1.0581 1.0585 – 0.04% – 2.09% +1.0597 +1.0569

Euro / Sterling 0.8555 0.8542 + 0.15% – 4.27% +0.8560 +0.8522

NZ $ 0.7122 $ 0.7168 -% -0.61 -% -0.79 + $ 0.7174 + $ 0.7124

dollar / dollar

Dollar / Norway 8.5240 8.5060 – 0.18% – 1.12% +8.5245 +8.4845

Euro / Norway 9.8769 9.8507 + 0.27% – 5.64% +9.8778 +9.8309

Dollar / Sweden 8.5741 8.5713 – 0.03% + 4.61% +8.5882 +8.5391

Euro / Sweden 9.9319 9.9345 – 0.03% – 1.43% +9.9455 +9.8962



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