Dollar sags as bets build for less hawkish Fed; Aussie firms after CPI
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The dollar wallowed near a three-week low versus major peers on Wednesday as more signs of economic weakness in the United States fanned speculation about a less hawkish Federal Reserve.
The Australian dollar strengthened to just shy of the previous session's 2 1/2-week high as hotter-than-expected inflation data put pressure on the Reserve Bank ahead of a rate decision next week.
Sterling hung close to the six-week peak reached on Tuesday after new British Prime Minister Rishi Sunak pledged to lead the country out of an economic crisis, and stuck with Jeremy Hunt as finance minister.
The euro also remained near a six-week high, trading less than half a cent from parity with the greenback. The European Central Bank decides policy on Thursday and is widely expected to raise rates by 75 basis points.
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