The dollar index, which measures the greenback against six major peers, slipped about 0.1% to 103.92 on Thursday, but was still close to the 104.19 level reached at the start of the week for the first time since late 2002.
The data suggested inflation may have peaked, but was unlikely to cool quickly and derail the Fed’s current monetary policy plans. “The stronger-than-expected US inflation print heightened concerns over the need for the Fed to accelerate its policy tightening path,” Rodrigo Catril, senior currency strategist at National Australia Bank, wrote in a client note. The May CPI data comes five days before the June Fed meeting, and another “shocker” would make a 75 basis-point hike then a “strong possibility,” he said.
The single currency got a lift as the European Central Bank overnight firmed up expectations that it will raise its policy interest rate in July for the first time in more than a decade.
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