The US dollar index held near the 99 mark on Wednesday, inching down from the one month high touched earlier in the session as markets continued to gauge the magnitude of rate cuts that the Federal Reserve may deliver this year. Both headline and core producer prices refrained from rising above expectations in November, consistent with a moderate CPI report from this week. The results maintained the market’s view that the Fed has room to deliver multiple interest rate cuts this year to prioritize a stagnating labor market. Still, a portion of the FOMC has persistently flagged concerns of stubborn inflation. In the meantime, the dollar received support from a weaker yen after Prime Minister Takaichi said she would call a snap election, expected to secure a stronger mandate and extend the loose fiscal policy she has called for.

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