Author: Chibuike Oguh
NEW YORK (Reuters) – The U.S. dollar weakened against the yen on Thursday after data showed a higher-than-expected rise in U.S. inflation in September, even as prices trended lower, allowing the Federal Reserve to further cut interest rates.
Thursday’s Labor Department data showed the consumer price index rose 0.2% in September. In the 12 months to September, CPI rose 2.4%, the smallest year-on-year augment since February 2021.
The dollar fell 0.54% to 148.50 yen, after rising as high as 149.58 yen for the first time since August 2.
The index, which measures the currency against six key rivals including the yen and the euro, fell 0.09% to 102.780, hitting its highest level since August 16.
