The dollar drifted lower in Europe on Friday as an agreement on U.S. infrastructure spending underpinned appetite for riskier currencies, but caution ahead of key U.S. inflation data kept losses to a minimum.
The risk-sensitive Antipodean currencies rose, as did the euro, gaining 0.1% to $1.1943, and the Japanese yen, which rose by about the same margin to 110.77 per dollar.
Such small moves left most of the dollar’s recent gains intact after it was vaulted higher in the wake of a surprise shift in policy outlook from the Federal Reserve – which last week flagged sooner-than-expected interest rate rises.
Inflation data on Friday will offer the latest indication of how much pressure the Fed is under to move, as will labor market figures due in a week’s time – leaving traders unwilling to sell the dollar too hard just in case it bounces again soon.
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