Dollar Steadies as Market Await Key Economic Data

The dollar steadied on Wednesday after hitting a four-week high against peer currencies overnight as market players awaited key US inflation data and the Federal Reserve’s updated economic projections due later in the day.

The dollar index, which measures the greenback against a handful of other major peers, firmed at 105.29, after touching its strongest level since May 14 at 105.46 overnight.

The euro held steady at $1.073675, keeping off Tuesday’s low of $1.07195, its weakest level since May 2.

Sterling was flat at $1.2739 ahead of UK gross domestic production figures for April.

The offshore Chinese yuan was little changed at 7.2696 per dollar.

The dollar held the yen pinned at 157.235.

Source: Qatar News Agency