The dollar nursed losses on Tuesday ahead of U.S. inflation data that investors hope might show some signs of softening, while the euro rose on hawkish comments from policymakers that rates would need to increase further.
The euro was last up 0.06% to $1.01285, after hitting a nearly one-month high of $1.0198 in the previous session and gaining 0.76% overnight.
U.S. inflation data is due at 1230 GMT and the consensus is for the core inflation rate last month to have risen 0.3% month-on-month, the same as in July. Recent dollar gains have slowed on market expectations that peaking inflation will mean less aggressive interest rate hikes from the Federal Reserve.
"If we get a reading sort of broadly in line with what the consensus is expecting, we would say they would go for a 50 basis point increase." The euro has enjoyed a respite above parity thanks to hawkish noises from the European Central Bank. Last week, five sources close to the matter said Europe's benchmark rate could rise to 2% or beyond.Officials overnight also reiterated their view that rates would need to keep rising, and it would depend on forthcoming data.
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