Investing.com - The dollar continued to climb on Thursday, after data showed that U.S. import prices rose more than forecast in February.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.35% at 90.06 by 12:52 PM ET (16:52 GMT).
The dollar was bolstered after the Labor Department reported that import prices rose 0.4% last month, compared to forecasts for a more modest increase of 0.3%.
The report supported expectations that the Federal Reserve will stick to a gradual rate increase pace this year, as inflation concerns wane.
Trade war concerns put pressure on the dollar this week, as U.S. President Donald Trump considered imposing tariffs on up to $60 billion of Chinese imports.
The news comes just a week after Trump imposed steep import tariffs on steel and aluminum, although Canada and Mexico are exempt as the administration seeks to negotiate a trade deal. More tariffs could increase fears of a global trade war and weigh on investor appetite for riskier assets.
The dollar eased back from a low against the yen, with USD/JPY last down 0.09% at 106.21 after hitting an overnight low of 105.79.
The euro fell to the day’s lows against the dollar, with EUR/USD down 0.43% to 1.2314.
The pound was unchanged, with GBP/USD at 1.3938.