Dollar Slips as Inflation Cools, Sterling Rallies By Investing.com

Forex News


Investing.com – The U.S. dollar fell against its rivals on Wednesday as U.S. wholesale inflation cooled, raising expectation the Federal Reserve will stick with its pause on monetary policy tightening, while a surge in sterling also weighed on the greenback.

The , which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.22% to 96.69.

The Labor Department said its for final demand increased 0.1% last month, but missed economists’ forecasts for a 0.2% increase. In the 12 months through February, the PPI slowed to a 1.9% increase, in line with expectations.

The Commerce Department said on Wednesday fell 0.1% in January, confounding economists’ forecast for a 0.1% rise. But non-defense capital goods orders excluding aircraft – a proxy for business investment – rose 0.8% for the month, handily beating expectations for a 0.2% rise.

The dollar struggled to find its footing as the pound surged on expectations U.K. lawmakers will rule on the possibility of the Britain leaving the EU without a deal in a vote later today at about 19:00 GMT (3:00 PM ET).

If parliament rejects no deal, lawmakers would then vote on Thursday to delay Brexit beyond March 29. If a vote to delay Brexit passes, the government would then seek the EU’s agreement for a delay.

rose 1.02% to $1.3206, while rose 0.15% to $1.1303.

fell 0.12% to Y111.22, but losses were in the pair were limited by falling demand for safe-haven yen as Wall Street rallied.

slipped 0.23% to $1.3322 as the loonie was boosted by surging oil prices on the back of data showing unexpectedly fell last week.

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