Dollar struggles as softer inflation dims Fed hike bets

HONG KONG, July 15 : The dollar extended its weakness on Wednesday after tumbling from a two-week high, as softer-than-expected inflation data curbed bets on a near-term Federal Reserve rate hike, despite concerns that elevated oil prices could fuel inflation risks. Against the yen, the dollar fetched 162.08, down 0.1 per cent. The euro and the British pound each gained 0.1 per cent, trading at $1.1433 and $1.3401, respectively.The New Zealand dollar was also well bid at $0.5819, hovering around its strongest level in a month, and the Australian dollar was steady at $0.6983. The U.S. dollar index, which measures the currency against a basket of six peers, was a shade weaker at 100.81. It fell 0.35 per cent in the previous session for its biggest pullback in nearly two weeks, which dragged