The dollar rose against the euro and yen before a government report that may show U.S. inflation expedited last month, giving the Federal Reserve less reason to lower interest rates.
The dollar rose against 13 of the 16 most-active currencies as traders pared bets the Fed will reduce its benchmark rate by three-quarters of a percentage point next month. Crude oil traded below yesterday's record $100.10 a barrel in New York . The U.S. dollar index traded on ICE Futures in New York , which tracks the currency against its six major counterparts, grew 0.2 % to 76.1.
"There's a distinct possibility inflationary pressures could grow and grow,'' said Simon Derrick, the London-based head of currency strategy at Bank of New York Mellon Corp. "There is a risk we could see a high CPI number today.''
Consumer prices increased at an annual rate of 4.2 % in January from a year earlier, compared with 4.1 % the previous month. The Labor Department will release the report at 8:30 a.m. today in Washington .
Interest rate futures on the Chicago Board of Trade show a 4 % chance the Fed will lower rates by three quarters of 1 % to 2.25 at its March 18 meeting, down from 32 % odds a week ago. The remaining odds are for a half-point cutting.
For the time being, one needs to finish the construction of the section that is 100 kilometres long. On October 17, German Foreign Minister Heiko Maas said in an interview with RND that the project would be completed