U.S. Dollar Near One Month Lows

The dollar wallowed at a fresh one-month low against a basket of major currencies early on Friday, as tame U.S. inflation data added to uncertainty over when the Federal Reserve will begin raising interest rates.

A measure of core inflation rose a mere 0.1 percent in May, the smallest gain in five months, suggesting the Fed can stick to a very gradual policy tightening cycle, when it eventually does start hiking rates later in the year.

The dollar dipped as far as 122.475 yen overnight, continuing to retreat from this week’s high of 124.465. It last stood at 123.080, down 0.3 percent so far this week.