Dollar Fends Off Interest Rate Hike Expectations After US Inflation Data

The US dollar has steadied its ground after Wednesday's inflation data revealed a dampened expectation of an imminent interest rate hike by the Federal Reserve. The dollar is poised for a weekly gain of around 0.4%, with the dollar index remaining unchanged at 100.

Against the yen, the dollar held steady, trading at 159.44 yen near the closely watched 160 level. This stability comes as the US currency continues to navigate its position in the global market.

In other major currency markets, the euro remained steady at $1.1523, while the pound slipped 0.05% to $1.3489. The Australian dollar fell 0.2% to $0.7049, and the New Zealand dollar declined 0.4% to $0.5832.