The dollar hit a speed bump on Wednesday as traders turned cautious ahead of a closely watched U.S. consumer inflation report due later in the day.
Pedestrians walk past an electronic stock board showing currency rates outside a securities firm in Tokyo, Japan, on Friday, Jan. 12, 2018.The dollar's towering rally hit a speed bump on Wednesday as traders turned cautious ahead of a closely watched U.S. consumer inflation report due later in the day, making them hesitant to take on new positions.
UK inflation data is similarly due later on Wednesday, which will be closely watched by investors as concerns about domestic price pressures and a weak economy put growing pressure on finance minister Rachel Reeves. Still, analysts say any resultant impact on currencies from the inflation report is likely to be short-lived, given the market's focus remains chiefly on U.S. President-elect Donald Trump's impending return to the White House and his plans for tariffs in particular.
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