US Dollar Steadies Against G10s as Softer US Inflation Data Dims Fed Hike Bets
The US dollar held steady against the G10 currencies during European trading on Wednesday, as weaker-than-expected inflation data reduced bets on a near-term Federal Reserve rate hike, even though higher oil prices still kept inflation worries alive. Released on Tuesday, the US headline Consumer Price Index slowed to 3.5% in June from 4.2% in May, and the monthly CPI falling 0.4% from 0.5%. "DXY has support at 100.50. We can see that holding while energy prices stay bid," ING strategists said on Wednesday. At the time of writing, the US Dollar Index, a measure of the greenback's strength against the basket of major currencies, held steady at 100.975 on Wednesday. A quick look at the majors ahead of the European lunch hour and the North American open. In Europe, EUR/USD slipped 0.03% to 1.14160 after the Eurozone's industrial production grew only 0.1%, measured on a monthly basis, in April, after 0.4% growth in March, Eurostat reported on Wednesday. The market expected a firmer print of a 0.3% gain. On a yearly basis, industrial production dropped 1.20% in May, compared with 0.4% growth in April. In Asia, the USD/JPY grew 0.08% to 162.374 after Japan's Reuters Tankan index.
The US dollar held steady against the G10 currencies during European trading on Wednesday, as weaker-than-expected inflation data reduced bets on a near-term Federal Reserve rate hike, even though higher oil prices still kept inflation worries alive.
Released on Tuesday, the US headline Consumer Price Index slowed to 3.5% in June from 4.2% in May, and the monthly CPI falling 0.4% from 0.5%. "DXY has support at 100.50.
We can see that holding while energy prices stay bid," ING strategists said on Wednesday.
At the time of writing, the US Dollar Index, a measure of the greenback's strength against the basket of major currencies, held steady at 100.975 on Wednesday.
A quick look at the majors ahead of the European lunch hour and the North American open.
In Europe, EUR/USD slipped 0.03% to 1.14160 after the Eurozone's industrial production grew only 0.1%, measured on a monthly basis, in April, after 0.4% growth in March, Eurostat reported on Wednesday.
The market expected a firmer print of a 0.3% gain.
On a yearly basis, industrial production dropped 1.20% in May, compared with 0.4% growth in April.
In Asia, the USD/JPY grew 0.08% to 162.374 after Japan's Reuters Tankan index.