Nervous calm as dollar prepares for inflation test

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Reuters UK

By Tom Westbrook and Alun John SINGAPORE/HONG KONG (Reuters) – Major currencies held steady on Wednesday, with traders cautious about placing large bets ahead of U.S. inflation data, which markets will scrutinise for guidance on how steeply the U.S. Federal Reserve will raise interest rates in coming months. The figures are due at 1230 GMT. Economists expect year-on-year headline inflation to be running at a scorching 8.7%, a small retreat from June’s whopping 9.1% figure. Core inflation is expected at 0.5% month-on-month. The greenback was broadly steady, having paused a bit from a retreat th…

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