Dollar loses ground after U.S. inflation data By Reuters

Dollar loses ground after U.S. inflation data By Reuters
Dollar loses ground after U.S. inflation data© Reuters. FILE PHOTO: A U.S. one dollar banknote is seen in this illustration taken November 23, 2021. REUTERS/Murad Sezer/Illustration/File Photo

By Sinéad Carew

(Reuters) – The dollar lost some ground on Friday after U.S. consumer prices increased roughly in line with expectations in November as investors, who had been bracing for much higher inflation, bet that the actual number would not change the pace of interest rate hikes.

Labor Department data showed an increasing consumer price index (CPI) as cost of goods and services rose broadly amid supply constraints for the largest annual gain since 1982.

The CPI rose 0.8% last month after surging 0.9% in October while in the 12 months through November, it rose 6.8%, following a 6.2% advance in October. this compared with a 0.7% forecast from economists polled by Reuters.

“I’d characterize the CPI reading…

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