The dollar extended its drop after the Federal Reserve’s preferred gauge of underlying inflation showed muted price gains, affirming the central bank’s pivot toward interest-rate cuts next year.
The so-called core personal consumption expenditures price index, which strips out volatile food and energy components, increased 0.1% in November from a month earlier, after a downwardly revised 0.1% gain in October, according to a report from the Bureau of Economic Analysis.
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