*U.S. DOLLAR FALLS TO SIX-MONTH LOW AHEAD OF LAST FED MEETING OF 2022 - $USD 🇺🇸 🇺🇸
LONDON - The dollar traded at its lowest in six months against the euro and pound on Wednesday after data showed U.S. inflation is cooling off, which investors believe gives the Federal Reserve room to slow the pace of future rate hikes.
The euro rose 0.2% against the dollar to $1.06495, not far off a six-month intraday high of $1.0673 touched in the previous session after U.S. inflation figures. But year-on-year inflation of 10.7%, compared to a predicted 10.9%, remains painfully high for British consumers. That data served to reinforce existing expectations that the Fed will slow the pace of its rate increases to 50 bps, and so the main focus of Wednesday's meeting will be the Fed's quarterly 'dot plot', which shows where policymakers expect rates to be at the end of each year, and remarks by chair Jerome Powell.
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