The dollar heads for its biggest monthly loss since 2010 ahead
On Wednesday, the US dollar retreated from its highest level of the week against the euro. The European Union lowered airline tickets and the pace of inflation in Spain on Tuesday, compared to the large states in Germany
Before the release of statistics on eurozone inflation, which may reveal the first decline in inflation since June of last year, the euro performed strongly, jumping as much as 0.3%. After reaching a final reading of 10.6 percent in October, inflation in the eurozone increased to 10 percent in November. The rate is still more than five times higher than the European Central Bank's target, but after nearly two years of continuous inflation acceleration, investors may welcome any indication that things may be improving
Pricing changes The euro hit a one-week low on Wednesday at $1.0319 and was last up 0.2% at $1.0348. Additionally, the euro gained 0.1 percent to 86.46 pence against the pound sterling. The dollar index, which gauges how well a currency performs versus six important currencies, dropped 0.22 percent from last night's high of 106.90 to 106.64. Investors increased their wagers that inflation had peaked and the US Federal Reserve would soon take a more accommodating stance toward monetary policy, which caused the dollar index to decline by about 4.3 percent in November, recording the largest monthly loss since June 2010
At 18:30 GMT, Powell will speak at the Brookings Institution in Washington, D.C., about the state of the economy and the labor market. At 13:15 GMT, the private sector employment report for November is scheduled to be released. To reach 138.75 yen, the dollar increased 0.1 percent versus the yen. At $1.62, the pound traded for dollars. On the other hand, as the government's "zero COVID" policies continue to hinder economic activity, China's manufacturing sector data came in worse than anticipated. When compared to the dollar, which decreased 0.1 percent to 7.1483 yuan, the offshore yuan increased