The U.S. dollar drifted higher against its major counterparts in the European session on Wednesday, as the nation's consumer inflation accelerated more than expected in June, cementing hopes for aggressive monetary policy tightening by the Federal Reserve.
Data from the Labor Department showed that the consumer price index shot up by 1.3 percent in June after jumping by 1.0 percent in May. Economists had expected consumer prices to leap by 1.1 percent.
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