The dollar found some support on Wednesday after stubbornly high U.S. inflation suggested interest rates are going to remain high for longer than investors had expected.
"We must remain prepared to continue rate increases for a longer period than previously anticipated," Dallas Fed President Lorie Logan said.
The euro was bumpy but ultimately unable to advance on the greenback and stayed at $1.0734. The U.S. dollar index hovered around its 50-day moving average at 103.26. U.S. Treasuries were also volatile after the data, but selling persisted at the short end and in Fed funds futures to reflect new expectations that U.S. interest rates will rise beyond 5.2% this year and remain above 5%.The Australian dollar moved bumpily sideways also, with traders focused now on an appearance by central bank chief Philip Lowe before a parliamentary committee.
Later in the day British inflation is due, with a consensus forecast for annual headline CPI at a whopping 10.3% - more than five times the Bank of England's 2% target. Sterling was boosted overnight by strong wages data and last bought $1.2178. U.S. retail sales figures are also due and will gauge how the U.S. consumer is bearing the 450 basis points of Federal Reserve rate hikes in the past year.
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