Analysts at TD Securities note that the US inflation is likely to accelerate in November but it could possibly be the Fed Chair Powell’s comments that should support the US dollar later on Wednesday.  

“We look for headline inflation to to tick up two tenths to 2.0% y/y in November (0.2% m/m), mostly reflecting a gain in prices in the ex-food and energy segment. In effect, core inflation should stay unchanged at 2.3% y/y on the back of a 0.2% m/m increase. Changes to the FOMC statement and dot-plot are well anticipated. Propensity to compel major FX shift is low at this time of year. Powell's tone in the press conference should diverge from a cautious ECB (the next day), and should modestly support the USD.”