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The dollar edged higher against the other major currencies on Tuesday, even as comments by a Federal Reserve official on Monday sparked fresh uncertainty over the timing of future U.S. rate hikes.The dollar came under pressure after Fed Governor Lael Brainard warned against raising interest rates too quickly.In a speech on Monday, Brainard says economic progress continues in the U.S., but the Fed would be wise to continue keeping policy loose.The comments came after Boston Fed President Eric Rosengren said on Friday that low interest rates are increasing the chance of overheating the U.S. economy.EUR/USD edged down 0.12% to 1.1222.The euro came under mild pressure after the ZEW Centre for Economic Research said that its index of German economic sentiment was unchanged at 0.5 this month. Analysts had expected the index to rise by 2.0 points to 2.5 in September.The index of euro zone economic sentiment advanced to 5.4 in September from 4.6 a month earlier, missing forecasts for a reading of 6.7.GBP/USD slid 0.44% to 1.3277.The U.K. Office for National Statistics said on Tuesday that the consumer price index came in at an annualized rate of 0.6% last month, compared to expectations for a 0.7% rise.Month-over-month, consumer prices rose 0.3% in August, compared to estimates for a gain of 0.4%.Core CPI, which excludes food, energy, alcohol, and tobacco costs rose by 1.3% last month, unchanged from July and compared to forecasts for a reading of 1.4%.USD/JPY held steady at 101.90, while USD/CHF added 0.12% to trade at 0.9731.The Australian and New Zealand dollars were weaker, with AUD/USD down 0.52% at 0.7526 and with NZD/USD shedding 0.33% to 0.7329.Elsewhere, USD/CAD gained 0.45% to trade at 1.3101, re-approaching Monday’s more than one-week high of 1.3125.The commodity currencies weakened as oil prices moved lower after the Organization of the Petroleum Exporting Countries said on Monday that crude output from rival producers is stronger than expected and will result in a bigger supply glut than previously believed this year and next.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.20% at 95.31.
