The US Dollar is stronger across the board against most major currencies, the Dollar Index which measures the USD’s strength across six major currencies is back above the 97.00 handle sitting at 97.17 at the time of writing. January’s CPI core inflation data was a little stronger than expected rising 0.2 percent from the prior month and 2.2 percent from a year earlier, according to a Labor Department report on Wednesday.
The broader CPI was unchanged from December, below forecasts, while the annual gain of 1.6 percent was the smallest since June 2017. The data suggest inflation remains around the Fed's 2 percent target, with prices getting a lift from steady wage gains.
Oil rose for a second consecutive day, as investors digested a report that showed US crude inventories rising more than expected while a fall in oil imports suggested tightening supplies.