The dollar was down on Wednesday morning in Asia, with investors continuing the previous session’s retreat from the safe-haven asset as data released on Tuesday indicated increased U.S. inflation. The U.S. Consumer Price Index (CPI) posted a 0.6% increase month-on-month, its highest in almost eight years. The figure beat analyst forecasts prepared by Investing.com, which predicted a 0.5% increase as well as May’s 0.1% decrease. The data eased investor fears of deflationary pressures on the U.S. economy from the COVID-19 economic downturn. Meanwhile, investors also cheered Tuesday’s report that U.S. biotech firm moderna's experimental COVID-19 vaccine is safe and generated immune responses in all 45 volunteers who are part of the ongoing study. The U.S. Dollar Index that tracks the greenback against a basket of other currencies fell 0.11% to 96.073.