RTTNews - The dollar was in a holding pattern versus most major currencies Wednesday morning in New ahead of another round of inflation data and a speech from Federal Reserve Chairman Ben Bernanke.
Wednesday's trading is likely to be impacted by consumer price data for the month of May. The headline figure is expected to move up by 0.3 percent after showing no change in April.
Excluding volatile food and energy prices, the core figure is expected to edge up by 0.1 percent after climbing 0.3 percent in the previous month. The report is scheduled to be released at 8:30 a.m. ET.
Yesterday, the Labor Department revealed that producer prices rose 0.2 percent in May. This followed a 0.3 percent increase for April and came in below economist estimates of a 0.6 percent increase.
Traders are also likely to look to comments by Federal Reserve Chairman Ben Bernanke and FDIC Chair Sheila Bair at a financial literacy summit in Washington. The remarks are set to begin at 9:00 a.m. ET.
The dollar held near 1.3850 versus the euro Wednesday morning following the release of the data showing the Eurozone trade surplus increased to EUR 2.7 billion in April, from a surplus of EUR 1.8 billion reported in March.
Meanwhile, the buck firmed up a bit versus the sterling, rising to 1.6233. With the advance, the dollar furthered its attempt to stabilize after hitting a 6-month low of 1.6662 in early June.
The number of people claiming jobless benefits in the U.K. rose 39,300 month-on-month to 1.54 million in May, the Office for National Statistics said Wednesday. Meanwhile, economists had expected an increase of 60,000. However, the current total is the highest since July 1997. The claimant count rate rose to 4.8% from 4.7%.
The dollar was little changed versus the yen, holding near 96.20 after coming under some pressure in the previous session. The yen improved yesterday after the Bank of Japan maintained its key interest rate near but upgraded its assessment of the nation's economy.
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