USD falls ahead of US inflation data
US inflation is expected to rise 6.2% from 6.5% in January
UK employment data is also in focus
The US dollar took a break from making gains with a slight retreat from its 5-week high ahead of the release of US inflation data.
US consumer prices are forecast to continue to show a decline from 6.5% to 6.2% year-on-year in January, with the core reading expected to increase to 5.5%.
If the recorded figure is higher, the US dollar may be able to continue the increase but if the opposite happens, the greenback is expected to drop lower.
The currency king, however, made gains against the yen, rising to a six-week high.
The yen's decline reflected investor anxiety that the Japanese government will nominate Kazuo Ueda as the new governor of the Bank of Japan (BOJ).
Meanwhile, the euro and pound traded higher again after hitting one-month lows in the previous session, benefiting from support from the weakening greenback.
The focus for pound investors today is the release of UK employment data, where the average earnings index will be the main focus as an indicator of inflation.
On the other hand, the Aussie and New Zealand dollars rose against the weaker US dollar, but the gains recorded were modest.
The Canadian dollar also rose amid stronger crude oil prices trading.
