The U.S. dollar shed ground against its major counterparts on Tuesday with recent data showing a slowdown in inflation reinforcing expectations the Federal Reserve will start reducing interest rates from the first quarter of 2024.
Data from the Commerce Department last week 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.
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