Dollar holds after US budget data

The US dollar held against its major counterparts on Wednesday, after data showed a rise in the US budget deficit.

The US government revealed that the federal budget recorded a deficit of $162.8 billion in January vs. $32.5 billion in the same period during 2020.

The government spending rose  to $547.4 billion, compared to $404.8 billion in the same period a year ago.

The US consumer price index rose 0.3% in January, which came on par with analysts' forecasts.

Investors are anticipating the results of the ongoing discussions between the White House and the US Congress over the $1.9 trillion Covid relief plan proposed by President Joe Biden.

The dollar index fell against a basket of currencies by less than 0.1% to 90.3 points as of 19:42 GMT, after it hit a high of 90.5 points and a low of 90.2 points.