The dollar declined on Friday following data indicating that U.S. inflation rose as expected in April. This put the currency on track for its first monthly decline in 2024.

The personal consumption expenditures (PCE) price index rose by 0.3% last month, according to the Commerce Department’s Bureau of Economic Analysis, matching the unrevised increase in March.

The U.S. dollar index was last down 0.248%, standing at 104.51.

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