The U.S. dollar struggled to gain foothold on Wednesday after a sharp dive overnight on cooler-than-expected inflation data which fuelled expectations that the Federal Reserve will chart a moderate rate hike path later in the day.
After delivering four consecutive 75 basis points hikes, the U.S. central bank is widely expected to increase interest rates by 50 basis points as it concludes its two-day meeting on Wednesday.
The dollar index , which measures the greenback versus six major currencies, fell 0.067% to 104.000, having slid 0.9% overnight. The deceleration in CPI inflation supports the case for the FOMC to taper the increase in the Funds rate to 50 basis points, said Carol Kong, a currency strategist at Commonwealth Bank of Australia .
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