Sharjah24 - Reuters: The dollar was nursing losses and below key support levels on Thursday after U.S. inflation proved no hotter than expected in December and prompted investors to cut crowded long positions.
After a couple of months in a tight range, the dollar dropped 0.6% on the euro on Wednesday to $1.1453, its lowest since mid-November. There isn't major chart resistance to further losses until $1.1525. It held at $1.1443 in Asia.
It also fell 0.6% on the yen, dropping through support around 115 to hit 114.38 yen per dollar, a more than two-week low. It last bought 114.55 yen.
The greenback's weakness has helped the Australian dollar crack resistance and sent it up through its 50-day moving average to an almost two-month top of $0.7292, where it held through the Asia session.
December's monthly U.S. inflation figures published on Wednesday were a fraction higher than forecast and at 7%, the increase in year-on-year CPI was as expected.
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