Dollar hovers near two-week low due to soft U.S. inflation

Dollar hovers near two-week low due to soft U.S. inflation

The dollar hovered near two-week lows in the holiday-thinned Asian session on Thursday after soft U.S. inflation and the Fed’s promise to keep rates low. 

The Aussie sat below a two-week high hit overnight, while the euro stood at $1.2119, near its highest since Feb. 1.

The pound rose to a near three-year high of $1.3856. Trade was light as Japan and China celebrated the Lunar New Year holidays. 

The dollar index traded at 90.387 after hitting a two-week low of 90.249 amid U.S. inflation figures. 

In a speech, Fed Chair Jerome Powell concentrated on unemployment figures and reiterated that the central bank’s policy framework could accommodate annual inflation of more than 2%.

The safe-haven yen reached a two-week high of 104.41 against the dollar. It last traded at 104.59.

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