Dollar Loses Ground Against Most Of Its Peers

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The U.S. dollar was weak against its peers on Wednesday, weighed down by data showing the country’s core inflation grew less than forecast in February.

The report from the Labor Department showed core consumer prices inched up by 0.1% in February after coming in unchanged for two straight months. Economists had expected core prices to move up by 0.2%.

The consumer price index climbed 0.4% in February, following a 0.3% rise a month earlier.

The smaller than expected growth in inflation eased concerns over higher borrowing costs.

Meanwhile, the U.S. House of Representatives are preparing to vote on Biden’s COVID-19 relief package.

The dollar index dropped to 91.77, down 0.2% from previous close.

Against the Euro, the dollar weakened to $1.1929, giving up nearly 0.25% from Tuesday’s $1.1901.

The Pound Sterling firmed up, fetching $1.3936 a unit, about 0.35% more from previous close of $1.3887.

The Yen firmed up to 108.38 a dollar after having weakened to 108.93 earlier in the session.

Against the Aussie, the dollar was down 0.3% with the AUD-USD pair at 0.7737.

The Swiss franc was weak at 0.9299, easing from 0.9279 a dollar, while the Loonie firmed up to 1.2620 a dollar from 1.2638.


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