Euro, Hong Kong dollar, U.S. dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration shot January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo
NEW YORK (Reuters) -The U.S. dollar held losses on Friday, after data showed inflation rose modestly in December but was trending lower, which should keep the Federal Reserve on track to cut interest rates by the middle of the year.
The personal consumption expenditures (PCE) price index increased 0.2% last month after an unrevised 0.1% drop in November, data showed. In the 12 months through December, the PCE price index increased 2.6%, matching November’s unrevised gain. Those numbers were in line with consensus expectations.
The annual inflation rate was under 3% for the third straight month. The Fed tracks the PCE price measure for its 2% inflation target.
The dollar index fell 0.3% to 103.21.
Against the yen, the greenback was flat at 147.63, after trading higher earlier in the session.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama)
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