US inflation rises less than expected in October, easing rate hike outlook and sending dollar tumbling
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U.S. consumer price inflation rose just 3.2% annually in October, below economists' estimates, suggesting the Fed may be near done with rate hikes.
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The dollar tumbled overnight against major currencies following the inflation data which sharply lowered expectations for further Fed rate hikes.
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The euro hit a over 2-month high against the dollar, while the yen got some relief from Monday's fresh 1-year low.
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China's economic data showed continued slow progress, with industrial output and retail sales growth beating forecasts but property investment and sales still weak.
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The New Zealand and Australian dollars ticked up with the weaker greenback, while the yuan briefly hit a 3-month high before paring gains.