Markets

Dollar gains on above-forecast core inflation data

Published October 15, 2015 Updated October 15, 2015 02:29pm

1 min

By Shoaib Ur Rehman

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NEW YORK: The dollar strengthened against a basket of currencies on Thursday as a stronger-than-expected 0.2 percent rise in core US consumer prices in September revived bets domestic inflation is edging closer to the Federal Reserve's 2 percent target.

Last month's pickup in underlying inflation trend may tip Fed policy-makers to end the central bank's near zero interest rate policy later this year.

The dollar index was last up 0.6 percent at 94.493after hitting a seven-week low of 93.806 earlier Thursday.

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