Dollar Slides as Traders Anticipate a Pause in US Interest Rate Hikes

Dollar Slides as Traders Anticipate a Pause in US Interest Rate Hikes.

The release of US data on Wednesday revealed a significant deceleration in inflation, leading to a substantial one-day sell-off of the dollar.

[{"selector":"#anim-a1d942c5-9dcf-4dab-90b0-1c0a9c041ec6","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1373f4bf-9450-4a23-a573-c69cc49c169c","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

The US data released on Wednesday showed a more pronounced deceleration in inflation than anticipated for the previous month.

[{"selector":"#anim-2711f704-7d7e-4645-8db9-375014c5957a","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-752d0e18-2b7f-4ae9-8da6-4d6b73d8af68","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

The headline annual Consumer Price Index (CPI) dropped to 3%, declining from its peak of 9.6% one year earlier.

[{"selector":"#anim-2092b407-325f-44d9-b6d3-cf81b22f68ba","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-519a8a0b-96be-495c-bcfb-bcf02e0add7e","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]