SINGAPORE : The U.S. dollar struggled to gain foothold on Wednesday after a sharp dive overnight on cooler-than-expected inflation data which fuelled expectations that the Federal Reserve will chart a moderate rate hike path later in the day.
The euro was up 0.03 per cent against the dollar at $1.0633, not far off a six-month high of $1.06730 it touched in the previous session. The Japanese yen strengthened 0.09 per cent versus the greenback at 135.45 per dollar, while sterling was last trading at $1.2351, down 0.02 per cent on the day. "We expect FOMC Chair Powell at his press conference to talk about the risks to economic growth as well as the need to bring inflation down to target," Kong said, noting the focus on economic growth will likely be welcomed by risk assets and pull the dollar lower.
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