SYDNEY, Dec 10 ― The dollar was firm today ahead of US inflation figures, which could settle the course of interest rates, while the Chinese yuan was nursing its sharpest drop in months after a nudge lower from authorities triggered a slide.
Consumer confidence data is also due today and if it holds up could portend even more price pressures ahead. The Fed, European Central Bank, Bank of England and Bank of Japan also all meet next week and the combination of the inflation data and the possibility of a central bank response have set market volatility gauges surging.
A slight rise in the safe-haven yen overnight pointed to persistent caution, although a broad relaxation of concern in earlier sessions has the Aussie dollar up more than 2 per cent this week and within sight of its largest weekly rise since August. Analysts said that would encourage yuan selling and cool a rise that has lifted it more than 2 per cent against the dollar since late July.
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