By Chibuike Oguh NEW YORK (Reuters) – The U.S. dollar pulled back from a 6-1/2-month high against major currencies on Wednesday after data showed U.S. inflation for October increased in line with expectations, suggesting the Federal Reserve will keep cutting rates. The greenback has risen to its highest level since May 1 buoyed by Donald […]
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Dollar pulls back from six-month peak after US inflation data
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By Chibuike Oguh
NEW YORK (Reuters) – The U.S. dollar pulled back from a 6-1/2-month high against major currencies on Wednesday after data showed U.S. inflation for October increased in line with expectations, suggesting the Federal Reserve will keep cutting rates.
The greenback has risen to its highest level since May 1 buoyed by Donald Trump’s victory in the U.S. presidential election last week, which sparked expectations of potential tariffs and other measures by his incoming administration seen as inflationary.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro,fell 0.1% to 105.88 after reaching as high as 106.21.
(Reporting by Chibuike Oguh in New York; Editing by Andrea Ricci)