Market News
Dollar mostly steady before US CPI, yen retreats - REUTERS
By Samuel Indyk and Tom Westbrook
Summary
- Dollar steady as traders await U.S. inflation data
- Fed Chair Powell sees no rush to cut interest rates
- Yen retreats below 200-DMA
LONDON, Feb 12 (Reuters) - The dollar held mostly steady against other major currencies on Wednesday as traders awaited U.S. inflation data, though remarks from Federal Reserve Chair Jerome Powell a day earlier lifted U.S. yields and lent some support against the yen.
The dollar rose 0.7% to 153.53 yen , breaking above its 200-day moving average, but elsewhere it was steady, trading at $1.0358 per euro .
Powell, in testimony on Capitol Hill on Tuesday, stuck to a view there was no hurry to lower interest rates, which pushed 10-year Treasury yields up about 4 basis points.
