Dollar Falls After Unexpected Slowdown in Inflation in the U.S.

The dollar faced further pressure and fell on Thursday, as traders viewed the unexpected slowdown in inflation in the United States as an indication that the cycle of interest rate hikes may be nearing its end by the end of this month. U.S. data showed that "inflation slowed at a much faster pace than expected last month," resulting in the largest one-day sell-off of the dollar in five months. The euro is on track to mark gains for the sixth consecutive day, rising by 0.3% in the latest trades after reaching an earlier peak. The British pound rose by 0.4%, and the yen increased by 0.12% against the dollar due to factors including the decline in U.S. Treasury yields. The Swiss franc reached its highest level against the dollar since the Swiss National Bank ended the currency peg to the U.S. dollar in early 2015, with the dollar dropping 0.5% today to 0.863 for the franc.