The dollar hovered near a four-month high against the euro and scaled a five-week peak on the Japanese yen on Wednesday, as traders awaited U.S. inflation data and wagered a high reading could pressure the Federal Reserve to wind back policy support.
The greenback has already caught a boost from last week's strong U.S. jobs data and from recent remarks by Fed officials hinting that asset purchase tapering is on the cards. Hot inflation could also add to expectations for rate hikes next year.
The yen , which has dropped for five consecutive sessions against the dollar, fell marginally to 110.65 per dollar in early trade, its lowest since mid July. "With what we have in hand now, we would expect this pattern to continue," said Charalambos Pissouros, head of research at Cyprus-based brokerage JFD Group, with Wednesday's inflation data offering another possible nudge.
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