Singapore, Feb. 14 (BNA): The dollar fell broadly on Tuesday ahead of a hotly anticipated inflation report, while the yen strengthened with the surprise pick of Kazuo Ueda to be the next Bank of Japan governor.
Markets are looking to the US Consumer Price Index (CPI) data for more clues to the Fed’s policy outlook, with the headline figure expected to rise 0.5% in January, according to a Reuters poll, after falling 0.1% in December, according to Reuters. Reuters reported.
The dollar index, which measures the greenback against six major competitors, slipped 0.107% to 103.09, after falling 0.34% overnight.
The index rose 1% for the month of February, but is far from the 20-year peak of 114.78 it touched in September when the Fed was making massive interest rate hikes.
Since then, the Fed has eased the pace of interest rate hikes. The US central bank earlier this month raised interest rates by 25 basis points but said it was turning the corner in its fight against inflation.
Rial