Singapore, Feb. 14 (BNA): The dollar was broadly lower on Tuesday ahead of a keenly anticipated inflation report, while the yen strengthened as surprise pick Kazuo Ueda was nominated to be the next governor of Bank of Japan (BOJ).

Markets are looking to the U.S. consumer price index (CPI) data for further clues on Federal Reserve’s policy outlook, with the headline number expected to rise 0.5% in January, according to a Reuters poll, after falling 0.1% in December, Reuters reported.

The dollar index , which measures the U.S. currency against six major rivals, eased 0.107% to 103.09, having slipped 0.34% overnight.

The index is up 1% for the month of February but is far off the 20-year peak of 114.78 it touched in September when the Fed was during its jumbo rate hikes.

Since then the Fed has tempered its pace of rate hikes. The U.S. central bank earlier this month raised interest rates by 25 basis points but said that it was turning the corner in its fight against inflation.

Read more: Dollar slips as inflation in focus, Ueda nominated as BOJ governor [Bahrain News Agency]

Source: BNA

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