The stronger-than-expected data revived the Federal Reserve’s higher-for-longer rate outlook.
The dollar index was at 106.49 in the Asian morning after US consumer prices were pushed higher by a jump in rental costs in September.
“CPI data for September reveal further challenges with the ‘last mile’ in pushing inflation persistently back towards the 2% target,” said David Doyle, Macquarie head of economics, in a note. Markets fear Japanese authorities may intervene if the yen weakens past the 150 level, considered by some market traders as a line-in-the-sand that could spur action from Tokyo as it did last year.
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