The dollar held its ground on Wednesday, in spite of downward pressure from lower bond yields and higher stocks, as traders waited on this week's U.S. consumer price data to see whether it will confirm that inflation is in retreat.
The Australian dollar nudged about 0.3% higher to $0.6912 after data showed the annual pace of inflation increased to 7.3% in November, leaving room for more rate hikes. The New Zealand dollar also crept up 0.2% to $0.6380.
But for the past month or so the common currency has struggled to make headway, and traders have been cautious in selling dollars while the U.S. Federal Reserve continues to promise hikes and the global economic outlook is bleak. The dollar was steady at 132.23 Japanese yen and $1.2161 per British pound . U.S. government bond yields, which have been attracting investors to the dollar, fell overnight and upbeat sentiment in equities lifted stockmarkets.
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