Investing.com - The dollar pushed higher against the other major currencies on Wednesday, but gains were checked by tepid inflation data and concerns over political instability in the wake of the sudden firing of U.S. Secretary of State Rex Tillerson. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged up to 89.77 by 04:40 AM ET (08:40 AM GMT).
The index ended the previous session lower after the Labor Department reported Tuesday that U.S. consumer price inflation remained muted in February, indicating that the Federal Reserve is likely to stick to a gradual pace of rate hikes this year, the inflation data came after last week jobs report showed tepid wage growth, easing concerns over a faster than expected pickup in inflation.
Th dollar came under additional selling pressure after U.S. President Donald Trump fired Secretary of State Rex Tillerson on Twitter on Tuesday, replacing him with Central Intelligence Agency Director Mike Pompeo.The news undermined investor confidence in the U.S. currency.
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