The US Dollar Currency Index, which tracks the greenback against six major currencies, was down 0.7% at 94.944, after slipping as low as 94.903, its lowest since November 11.
The consumer price index increased 0.5% last month after advancing 0.8% in November, the Labor Department said on Wednesday. “The US economy appears ready for interest rate lift-off to start in March,” said Joe Manimbo, senior market analyst at Western Union Business Solutions. “ just a case of the market currently getting too ahead of itself with Fed normalization; we will need to see this inflationary impact from Omicron really play out for the Fed to hike four times and embark on quantitative tightening this year I think,” said Simon Harvey, senior FX market analyst at Monex Europe.
The Australian dollar, often considered a liquid proxy for risk appetite, rose 1.04% to a one-week high against the US dollar.
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