The US dollar index was down by 0.3% at 92.77 at 8:53 a.m. ET after trading higher ahead of the Consumer Price Index report.
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The dollar is slipping
The dollar slipped after inflation data came in below expectations.
CPI rose 0.5% month-over-month in September, according to the Labor Department. That was above the prior month's reading of 0.4%, but below expectations of a 0.6% print.
On a year-over-year basis, CPI rose by 2.2%, which was above the prior month's reading of 1.9%, but below expectations of 2.3%.
Meanwhile, core CPI rose 0.1% month-over-month in September, below the prior month's reading of 0.2%, and below expectations of 0.2%.
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Market watchers were looking to Friday's inflation data for flickers of growth after the earlier this week
Some FOMC members suggested that more secular factors, like the influence of technology on lowering prices, might keep inflation below the Fed's target of 2% for longer. Officials were split on whether to hike rates for the third time this year, which would likely be in December.
In its September Summary of Economic Projections, the FOMC said its inflation expectations continue to slide. It expects core PCE to come in at 1.5% to 1.6% in 2017, down from the previous forecast of 1.6% to 1.7%.
As for the rest of the world, here was the scoreboard at 8:48 a.m. ET:
- euro
- British pound
- the Bank of England hiking interest rates next month would be an "extraordinary" step and should be avoided given the current economic climate in the UK.
- Russian ruble
- Japanese yen
- Indian rupee
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