Dollar Drops Ahead of U.S. Inflation Data Release

The dollar fell to its lowest level in two months on Wednesday against other major currencies ahead of the release of U.S. inflation data, while the British pound rose to its highest level in 15 months amid expectations that the Bank of England will continue to raise interest rates. The yen surged to its highest level, surpassing 140 against the dollar for the first time in a month. The dollar decreased by 0.7%, reaching a one-month low, while the euro climbed to a two-month peak at 1.10365 dollars. The British pound rose to a 15-month high at 1.2970 dollars, and the yen recently increased by more than 0.65%, nearing a fifth consecutive session of gains, marking its longest winning streak in nearly 7 months. Meanwhile, the New Zealand dollar rose by 0.47%, and the Australian dollar increased by 0.52%.