Dollar strengthens against euro after US inflation data
In New York, United States, the dollar edged higher against major currencies on Friday after data on rising consumer prices were published. As Channel NewsAsia reports, the statistics reinforced expectations that the US Federal Reserve will raise interest rates next week.
Inflation in August
According to the US Department of Labor, the consumer price index rose by 0.4% in August after increasing by 0.1% in July. Over the 12 months through August, consumer inflation rose by 3.4%. The same annual figure was recorded in July.
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Currency market reaction
After the statistics were released, the dollar rose against the euro and the Swiss franc, but immediately after the data came out it partially lost the gains it had made. The euro fell by 0.07% to $1.1602. The dollar strengthened by 0.2% against the Swiss franc to 0.814.
