US inflation fell faster than forecast to 3 per cent in June, leading investors to increase bets on interest rate cuts and pushing down the dollar.
In an encouraging sign for the Federal Reserve as it debates how quickly to cut rates from their 23-year high, the year-on-year rise in consumer prices came below May’s rate of 3.3 per cent. It was also less than economists’ expectations, compiled by Bloomberg, of 3.1 per cent.
The dollar fell 0.8 per cent against a basket of currencies after the Bureau of Labor Statistics figures were published.
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