US dollar extends fall vs yen after inflation data
FILE PHOTO: U.S. Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
NEW YORK (Reuters) - The U.S. dollar extended losses against the yen on Friday after data showed inflation in the world's largest economy cooled down last month, cementing expectations that the Federal Reserve will start cutting interest rates this year.
One Euro coins are seen in this illustration taken November 9, 2021. REUTERS/Dado Ruvic/Illustration/ File Photo
The U.S. personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure, was unchanged last month, and followed an unrevised 0.3% gain in April, data showed. In the 12 months through May, the PCE price index increased 2.6% after advancing 2.7% in April.
A person walks past an electric screen displaying the current Japanese Yen exchange rate against the U.S. dollar as the yen declined to 38-year lows past 161 per dollar, outside a brokerage in Tokyo, Japan June 28, 2024. REUTERS/Issei Kato
Post-data, the dollar slipped 0.1% versus the Japanese currency to 160.55 yen.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Sharon Singleton)