The U.S. dollar shed its value against its major counterparts on Friday after data showing a slower than expected increase in the Federal Reserve's preferred measure of inflation raise hopes the central bank will start cutting interest rates early next year.
Data from the Commerce Department said the annual rate of consumer price growth decelerated to 2.6% in November from a downwardly revised 2.9% in October. Economists had expected the pace of price growth to slow to 2.8% from the 3% originally reported for the previous month.
Subscribe to continue reading the article.
This article is part of our premium content offering.Subscribe with a RTTNews subscription.
Subscribe NowAlready subscribed? Sign in
For comments and feedback: editorial@rttnews.com