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Dollar slips as ECB and US PPI take focus ahead of Friday inflation data

EUR/USD pushed to multi-day peaks above 1.1650 while USD/JPY revisited the 153.00 area, with traders also watching a US Treasury plan to buy back up to $6 billion of 10- to 20-year T-bonds.

Reported · Written up by our desk · Major Pairs

The US dollar traded with a bearish bias on Wednesday, with momentum picking up after the US Treasury announced it would conduct buybacks of up to $6 billion in 10- to 20-year T-bonds, according to FXStreet.

Elsewhere, traders stayed focused on the upcoming release of US inflation data on Friday, including US Producer Prices, alongside other scheduled releases such as Initial Jobless Claims, Existing Home Sales, Wholesale Inventories, and the EIA’s weekly report on crude oil inventories.

In European trading, EUR/USD maintained a bid bias and advanced to multi-day peaks past 1.1650, as markets looked ahead to an expected 25 basis point rate hike from the ECB and a final German inflation reading.

The greenback also showed divergent moves across majors, with USD/JPY adding to its earlier declines and revisiting the 153.00 region, while WTI hovered near $97.00 per barrel and gold recovered above $4,400 per troy ounce amid a softer dollar and ongoing geopolitical jitters.

Latest closeGold $4,395.60 ▼0.8%|WTI crude $94.28 ▲3.1%|EUR/USD 1.163 ▲0.0%

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