The dollar weakened slightly against most currencies following the release of US inflation data yesterday.
US inflation rate hit a 13-year high, rising to 5.4% in September, slightly higher than expectations of 5.3%. However, core inflation stayed at 4% as expected, thanks to a sharp drop in air fares.
Following this, the Federal Reserve released its latest meeting minutes yesterday, which revealed that provided that the economic recovery remains broadly on track, a gradual tapering process that concludes around the middle of next year would likely be appropriate.
Several Fed officials will speak throughout the course of today and are expected to comment on inflation data from yesterday, as well as the meeting minutes.
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