A gauge of the dollar held steady as investors await clarity around possible reciprocal tariffs. The euro climbed on hopes of a solution to the war in Ukraine.
Bloomberg Dollar Spot Index was little changed since closing up 0.1% after data showing US inflation accelerated more than expected, prompting traders to shift bets for the next Fed rate cut to December from September.
EUR/USD rose 0.2% to 1.0400 with spot holding a sentiment bid from news that President Donald Trump agreed in a phone call with Russian President Vladimir Putin to start negotiating an end to the war in Ukraine.
Intraday gains were slowed by 1.04 option strikes worth collective EUR5.5 billion and rolling off today and Feb. 14.
"The probability of more US trade tariffs being imposed is a factor that can keep the USD supported, which is also being compounded by US economic impulses and higher US interest rates," Peter Dragicevich, currency strategist at Corpay, wrote in a note.
"However with sentiment/positioning already ‘bullish' and the USD tracking above our ‘fair value' models we believe it may be more of a case of the USD holding up at lofty levels rather than strengthening further," Dragicevich adds.
Treasury yields eased about one basis point across the curve, trimming Wednesday's CPI fueled gains; 10-year at 4.61%.
USD/JPY eases 0.1% to 154.28 with traders seeing leveraged buying on the dip that came after a better-than-expected PPI print.
AUD/USD steady at 0.6280.
Source : Bloomberg
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