Figures showed that the consumer price index rose 7.7% year-on-year in October, the smallest gain since January and below forecasts of an 8% increase.
“The overnight moves in the dollar were pretty sharp … I do think the results in the US CPI for October will support the case for a downshift in the FOMC rate hike in December,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia. In early Asia trade, the dollar was fighting to recoup some of its losses, with the euro last 0.31% lower at $1.0179, after rising nearly 2% overnight.The pound clung to most of its overnight gains and was last down 0.32% at $1.1673, while the Aussie slipped 0.42% to $0.65915.
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