NEW YORK/LONDON :The dollar eased fractionally alongside Treasury yields after the release of tame U.S. inflation data that is unlikely to deflect the Federal Reserve from adopting a less restrictive monetary policy in the coming months.
The Commerce Department's June personal consumption expenditures price index nudged up 0.1 per cent, as expected, after being unchanged in May, underscoring an improving inflation environment that potentially positions the Fed to begin cutting interest rates in September.
Thursday's number showed PCE prices rising at a 2.9 per cent rate, so the rise reported Friday was more of a relief. The Bank of Japan, on the other hand, may raise rates next week, with markets pricing in a 64 per cent chance of a 10 bps hike. Sterling strengthened 0.07 per cent to $1.2860. That price is well below the one-year high of $1.3044 hit last week, with traders pricing a 50 per cent chance of the Bank of England cutting rates when it meets next week. Markets are anticipating 51 bps of cuts this year.Against the Swiss franc, the dollar strengthened 0.11 per cent to 0.883. The dollar strengthened 0.27 per cent at 7.259 versus the offshore Chinese yuan. The Australian dollar strengthened 0.34 per cent to US$0.
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