Dollar Inches Up Amid Inflation Concerns Ahead of ECB Rate Hike

The US dollar inched up on Thursday ahead of key economic data releases from Europe and the United States, but failed to regain its footing entirely.

Renewed inflation concerns pushed global bond yields back towards multi-decade highs, with some markets hitting record levels. This has weighed on the greenback despite the rising oil prices and increased energy costs in Europe.

The euro remained near two-week highs of $1.1654 as investors await an expected European Central Bank rate hike to combat inflation ahead of the winter season.