U.S. dollar eases as inflation data keeps rate hike at bay - BNN Bloomberg
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Article Excerpt
NEW YORK -- The U.S. dollar eased on Wednesday after data showed U.S. consumer inflation rose to its highest level in three years in May, though the reading was in line with economists’ expectations, marginally reducing the chances of the U.S. Federal Reserve hiking rates this year.
U.S. consumer inflation increased at its fastest pace in three years in May as the Middle East conflict raised the price of gasoline and other energy products.
The Consumer Price Index increased 4.2 per cent in the 12 months through May, the largest gain since April 2023, the U.S. Labor Department’s Bureau of Lab…
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