Dollar declines after inflation, spending report
The U.S. dollar dipped lower after a report showing a measure of inflation came in lower than forecast, reducing speculation that the Federal Reserve will have reason to raise interest rates this year.
The dollar index, which measures the U.S. unit against a basket of major currencies, was at 72.432, compared with 72.480 in late North American trading Thursday.
Core inflation, excluding food and energy, rose 0.1%, the Commerce Department said, compared with 0.2% forecast.
Consumer spending rose 0.8 % in May versus economists' median estimate of a 0.6% increase as people spent more of their tax rebates. T
he dollar was modestly lower earlier against most major counterparts as risk-averse traders were unwilling to buy the greenback as oil futures rose and equities lost ground.
A separate report on consumer confidence for June, due at 10 a.m. Eastern, is expected to slip to the weakest in 28 years.
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