Dollar droops after benign inflation data; kiwi firm before RBNZ decision

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Dollar droops after benign inflation data; kiwi firm before RBNZ decision - Channel News Asia

Quick Summary:

TOKYO : The dollar remained on the back foot on Wednesday after tumbling versus major peers overnight as a benign reading for U.S.producer prices reinforced bets on Federal Reserve interest rate cuts this year.

Risk-sensitive currencies stayed strong after the unexpected softening in inflation buoyed equities, even with crucial U.S.consumer price index (CPI) figures still looming later on Wednesday.

Meanwhile, markets have priced in a 69 per cent chance of a cut, increasing their bets after the central bank's survey on Thursday saw inflation expectations fall to a three-year low.