LONDON, Jan 13 — The dollar fell further today to two-month lows after US inflation proved weaker than feared in December, prompting investors to cut crowded long positions in the currency.
Nevertheless, traders do not see these inflation readings as urgently shifting an already hawkish Federal Reserve too much. With at least three rate hikes already in the market price, some investors pared bets on further dollar gains. Halpenny said that so much Fed tightening was now priced in for the next year, expectations for longer-term rate hikes were relatively low, which was keeping the dollar in check.
The currency is up 4.5 per cent from December lows and traders have so far shrugged off a political crisis enveloping Prime Minister Boris Johnson, who apologised for attending a party in the Downing Street garden during a coronavirus lockdown last year.
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