The dollar index held steady around 106.5 on Thursday after rising for four straight sessions even as the latest US consumer inflation data reinforced bets for a Federal Reserve interest rate cut next week.
The CPI report showed that both headline and core inflation rates matched expectations in November, paving the way for the Fed to continue cutting rates.
The market is now pricing in a near 100% chance that the Fed will cut by another 25 basis points next week.
Investors are also looking ahead to producer inflation data due on Thursday for further direction.
Meanwhile, the US dollar gained support from recent weakness in the euro and yuan amid the prospect of dovish monetary policy in the Eurozone and China. However, the greenback weakened against the Aussie following strong Australian jobs data.
Source: Trading Economics
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