Dollar Drops as Inflation Data Reinforces Bets on 2024 Rate Cuts

The dollar extended losses on Wednesday after falling against major currencies overnight as upbeat US producer price data reinforced bets on a rate cut this year. Risk-sensitive currencies stayed strong after the unexpected softening in inflation buoyed equities, even with crucial US consumer price index (CPI) figures still looming later on Wednesday. The dollar index - which measures the currency against six major currencies - was steady at 102.63 after slumping 0.49% overnight. Sterling was steady at $1.2866, while the euro was flat at $1.0996 after rising to $1.099975. The dollar was stable at 147.06 yen as it continued to consolidate around the 147 level this week. The Aussie was little changed at $0.6637, while the kiwi edged up 0.07% to $0.6081. Source: Qatar News Agency