Dollar Rangebound Ahead of Inflation Data as Oil Prices Fall
The US dollar remained in a narrow trading range against most major currencies on Wednesday as investors awaited inflation reports from key economies, including the US, ahead of the Jackson Hole symposium.
Oil prices slid in Asia, with Brent crude down 2.1% at $86.68, as Iran said it had restarted talks with Oman to manage the Strait of Hormuz and diplomatic negotiations between Washington and Tehran remained stalled.
The Australian dollar was up 0.1% at $0.7172 after data showed trimmed mean CPI inflation rose at an annualised rate of 3.6%, while its kiwi counterpart was down 0.2% at $0.5962 ahead of the Reserve Bank of New Zealand's interest rate decision next Wednesday.
Cryptocurrencies, including Bitcoin and ether, continued to recover from recent losses, with prices up 25% and 31% respectively this month, as investors revived dollar debasement trades.