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* Euro loiters within range of 2021 low of $1.1704
* Yen drops to 5wk trough at 110.69/dollar
* CPI data eyed at 1230 GMT
By Tom Westbrook
SINGAPORE, Aug 11 (Reuters) - The dollar was poised just
below this year"s high against the euro on Wednesday and it
struck a five-week peak against the yen ahead of U.S. inflation
data, with the prospect a strong number could pressure the
Federal Reserve to wind back policy support.
The greenback has enjoyed a lift from last week"s impressive
U.S. jobs data and from remarks by Fed officials about tapering
bond buying and, eventually, raising rates, sooner than
policymakers elsewhere.
Six straight sessions of gains against the euro
sent the common currency to its lowest since late March on
Tuesday. At around $1.1718 through the Asia session, the year"s
low of $1.1704 is now within range. The dollar index, at
92.139, is at a three-week top and near its 2021 high of 93.439.
The inflation data may determine whether it tests those
peaks, with a hot reading likely to stoke hike expectations and
provide support, while downside surprise could reel those in.
The yen, which has dropped for five consecutive
sessions against the dollar, fell marginally to 110.69 per
dollar in early trade, its lowest since mid July. The dollar
also touched a two-week high on sterling $1.3820 and
held by a one-month high of 0.9234 Swiss francs.
"A stronger than expected print may add modestly to the
dollar and (Treasury yields)," analysts at Maybank in Singapore
said in a note.
"If the CPI print unexpectedly surprised to the downside,
then the pullback in the dollar and Treasury yield may be
asymmetrically larger than the upside risks."
Economists polled by Reuters expect the pace of inflation to
have eased slightly in July, with headline consumer prices
rising 0.5% for the month compared with 0.9% a month
earlier and the annual pace at 5.3%.
Two Federal Reserve officials said on Monday that inflation
is already at a level that could satisfy one leg of a test for
the beginning of interest rate hikes - though a third, Charles
Evans, demurred on Tuesday.
At the same time, investor sentiment is sagging in Europe,
with a survey showing a third straight month of deterioration in
Germany, as rising global COVID cases keep markets nervous.
"Investors have to take on board the possibility of news on
Fed tapering at a time when COVID is still very apparent in
various parts of the world," said Rabobank analyst Jane Foley.
"The consequence of this is likely to be a firmer dollar,"
she added, especially if the euro breaches its 2021 low.
Besides the inflation data, which is due at 1230 GMT, a
speech at 1600 GMT by Federal Reserve Bank of Kansas City
President Esther George will be closely watched, as will the
troubling global spread of the Delta coronavirus variant.
South Korea reported a record number of COVID-19 cases on
Wednesday, while outbreaks in China, through Southeast Asia and
in Australia grow steadily. Hospitals in Texas and Florida are
filling up with patients.
The Chinese yuan touched a two-week low in offshore
trade, before steadying onshore, while the South Korean won
also made a two-week trough..
A measure of consumer sentiment in Australia slid to a
one-year low as lockdowns in major cities weighed, and the
Australian dollar slipped a little.
The Australian dollar last bought $0.7338, while
the New Zealand dollar sat at $0.7003.
Expectations the Reserve Bank of New Zealand will lift
interest rates next week are keeping a floor under the kiwi.
"We are quite bullish on the kiwi," said Shafali Sachdev,
head of FX in Asia at BNP Paribas Wealth Management, who has a
12-month price target of $0.75 for the currency.
"RBNZ seems ahead of the curve...when it comes to hiking and
has signalled that quite clearly. This is going to catch up with
the kiwi."
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Currency bid prices at 0459 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar $1.1718 $1.1721 -0.03% -4.09% +1.1725 +1.1712
Dollar/Yen 110.6750 110.6000 +0.05% +7.13% +110.6850 +110.5600
Euro/Yen
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