Dollar Trades Sideways as Markets Await Inflation Data

The US dollar traded sideways in early Asian dealings on Wednesday, shrugging off renewed attacks on shipping in critical waterways in the Middle East. Markets are awaiting the release of inflation data later in the day for clues to the direction of Federal Reserve interest rates.

The yen was flat against the dollar at 159.335 yen, hovering around its weakest levels of the month despite recent joint intervention by U.S. and Japanese authorities to strengthen the Japanese currency.

New Zealand Prime Minister Christopher Luxon said he had won a confidence vote of ruling party lawmakers, but the kiwi dollar was down 0.1% at $0.5876.