The dollar fell from its one-year high on Wednesday as longer-dated Treasury yields dipped after U.S. inflation data showed prices rose solidly last month, while the minutes from the Federal Reserve's September meeting confirm tapering will begin 'soon.'
A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao/File PhotoFed's September meeting minutes point to possible November taperNEW YORK Oct 13 - The dollar fell from its one-year high on Wednesday as longer-dated Treasury yields dipped after U.S. inflation data showed prices rose solidly last month, while the minutes from the Federal Reserve's September meeting confirm tapering will begin "soon.
"The market is now seeing a major pivot here as far as how inflation is showing more signs of being persistent than transitory, and that's likely to force the Fed's hand to deliver a rate hike well in advance of what people were anticipating," said Edward Moya, senior market analyst at Oanda. The dollar index , which measures the greenback against six rivals, was last down 0.515% at 94.036 from Tuesday, when it touched 94.563, its highest since late September 2020.
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