The dollar lost ground against most major peers on Thursday, falling from two year peak hit overnight, as U.S. yields paused their march higher after U.S data released earlier in the week showed inflation lower than some analysts had feared.
Even the battered yen had some respite, making a small recovery from a 20-year low hit overnight, though analysts reckoned the yen's tone remained weak.
The dollar index, which measures the greenback against six peers, was down 0.17% at 99.670, compared to Wednesday's intraday peak of 100.52, its highest since May 2020. However, while high, these were not quite as bad as some had feared, which observers said caused yields to pause.Other central banks reinforced the hawkish global mood ahead of the ECB meeting. Earlier in the day, the Bank of Korea, surprised markets with a rate hike, and the Monetary Authority of Singapore also tightened policy.The Singapore dollar gained about 0.5% to a one week high on the dollar after the move. The Korean won was little moved.
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