Dollar off four-month high as inflation jitters ease

(Reuters) FX Signals by FxPremiere -The dollar stood just below a four-month peak against major peers on Thursday as currency traders digested data from the previous day showing U.S. inflation may be coming off the boil.

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The dollar index, which measures the greenback against a basket of six rivals, was little changed at 92.942, after edging 0.2% lower on Wednesday following the report of easing consumer price growth.

The greenback has broadly strengthened since mid-June – hitting its highest since April 1 at 93.195 prior to Wednesday’s data – when the U.S. Federal Reserve flagged that it was gearing up for earlier-than-expected rate hikes and amid evidence that the release of pent-up demand in a rebounding economy was fuelling price rises.

“Further slippage in coming days (for the dollar is) likely, but it’s unlikely to develop into anything meaningful,” Westpac strategists wrote in a client note.

Dollar extends four-month high

The dollar index “should continue to find support in the 91.5-92.0 area” and “could see new highs beyond 93.50”, when taper talk gathers momentum later this quarter, they wrote.

Dollar hits four-month high on euro

The euro was broadly flat versus the dollar at $1.17350 , after recovering from a four-month low of $1.1706 on Wednesday.

Dollar off four-month high as inflation jitters ease

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Dollar off four-month high as inflation jitters ease

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