Inflation in the US, as measured by the Personal Consumption Expenditures (PCE) Price Index, declined to 6.3% in July from 6.8% in June, the US Bureau of Economic Analysis reported on Friday. This reading came in much lower than the market expectation of 7.4%.

The Core PCE Price Index, which excludes volatile food and energy prices, edged lower to 4.6% from 4.8% in the same period, compared to the market expectation of 4.7%.

Market reaction

With the initial reaction, the US Dollar Index came in under modest bearish pressure and the US Dollar Index was last seen losing 0.22% on the day at 108.18.

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