The dollar inched higher ahead of U.S. inflation data due later on Thursday, while cryptocurrencies remained under pressure after crypto exchange Binance scrapped plans to rescue its ailing rival FTX.
The greenback surged on Wednesday against its peers but later pared some of those gains, with investors also digesting the U.S. midterm election results.All eyes were on U.S. inflation figures due later on Thursday, which could have a big impact on the scale of the U.S. Federal Reserve's future interest rate hikes. Economists polled by Reuters expect the headline consumer price index to show an 8% year-on-year rise in October, down from 8.2% in September.
"I think the biggest risk going into today's U.S. CPI release is for the markets to be over-reading it. There is potential for a softer print, no doubt, but the Fed has already communicated a downshift in its rate hike trajectory without exiting its hawkish bent," said Charu Chanana, market strategist at Saxo Markets.
The euro slipped below parity and last stood 0.18% lower at $0.9992. Sterling gained 0.32% to $1.1396, making a partial recovery from a 1.6% slide in the previous session. The dollar has lost some steam over the past few weeks on hopes that the Fed could begin making smaller interest rate hikes from as soon as December.
The Japanese yen edged higher to 146.22 per dollar on Thursday. It hit a roughly two-week high of 145.18 in the previous session before ceding its gains.The Binance exchange on Wednesday
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