The U.S. Dollar declined on Wednesday from a one-year high against major rivals ahead of consumer price data that could give more indication of when the Fed will taper stimulus and hike interest rates.

The Dollar index – measuring the greenback against six peers - fell 0.18% to 94.358 from Tuesday, when it reached 94.563 for the first time since the end of September last year.

In addition, the Dollar declined 0.13% to 113.465 Yen, falling from a three-year high of 113.785 yen in the previous session, Reuters reports.

Elsewhere, the Euro rose 0.18% to $1.1551, edging away from Tuesday’s $1.1522, the lowest in close to 15 months.

“The CPI is going to be really important, so there may be a little bit of positioning ahead of that,” said Joseph Capurso, a strategist at Commonwealth Bank of Australia in Sydney.

“The risk is for inflation to stay high, and that would bring forward market expectations for the timing and pace of rate hikes, and that will support the U.S. Dollar. It’s off a little bit today but I think the dollar has more upside.”

The Dollar enjoyed gains on Tuesday amid mounting forecasts the Federal Reserve will announce a tapering of stimulus in November, followed by rate increases next year.

Moreover, surging energy prices have driven up inflation concerns and increased bets that the Fed may need to take action to normalise policy more quickly than officials had expected.

“CPI is the main economic draw” on Wednesday, and “has the potential to see Fed rate hike expectations move again, one way or another,” according to Ray Attrill, head of foreign exchange strategy at National Australia Bank in Sydney.

In addition, the Pound edged up 0.19% to $1.36135, but hovered around the middle of October’s range. Whereas the Australian Dollar fell 0.19% to $0.73375 moving away from Tuesday’s one-month high of $0.7384.