NEW YORK : The U.S. dollar fell against the yen and euro after data showed underlying inflation in the world’s largest economy rose less than expected last month, suggesting the Federal Reserve could cut interest rates sooner than later.
The core consumer price index – a gauge of underlying inflation – rose just 0.1 per cent in May after a 0.2 per cent rise in April.
The dollar fell 0.3 per cent against the yen to 144.44 yen, while the euro rose 0.4 per cent to $1.1470.
