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Dollar softens as inflation report disappoints

The dollar traded down across the board following the release of July inflation figures which narrowly missed consensus estimates but showed an increase from the previous month.

The consumer price index read 1.7% on the year versus expectations of 1.8% and the June figure of 1.6%. Core inflation excluding food and energy came in at 1.7%, in line with estimates and June numbers.

The ICE Dollar Index DXY, -0.15 which measures the greenback against a basket of six rival currencies, dipped into negative territory following the data release, trading at 93.236, down from 93.460 earlier on Friday. At the time of publication, the benchmark roughly was up 0.4% on the week.

The euro EURUSD, +0.2293 spiked on the back of the release, buying $1.1824, up from $1.1774 late Thursday in New York, while the pound GBPUSD, -0.0616 briefly jumped to $1.3007, compared with $1.2978 on Thursday.