Dollar index ekes out mild gains near 5-month low; US CPI in focus

The dollar index is seen eking out mild gains on Wednesday although the DXY continues to linger around multi-month lows. The greenback has been under pressure amid Trumps tariff plans and thereby growing recessionary fears. Besides, growing appetite in basket currencies euro amid growing optimism over a ceasefire in Ukraine and yen on safe haven bets is adding pressure on the index. The dollar index that measures the greenback against a basket of currencies is quoting at a five month low of 103.13, but up 0.23% on the day. Investors now await the latest US consumer inflation report for further insight into the Feds monetary policy outlook. Meanwhile, data from US showed job openings increased by more than expected in the month of January. The Labor Department said job openings climbed to 7.74 million in January from a downwardly revised 7.51 million in December. The report said hires crept up to 5.39 million in January from 5.37 million in December, while separations rose to 5.25 million in January from 5.08 million in December.

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