India, June 27 -- The U.S. dollar strengthened against its major counterparts in the New York session on Friday, after a data showed that the Federal Reserve's preferred gauge of inflation accelerated in May.
The personal consumption expenditures price index rose 0.1 percent on a monthly basis in May, matching estimates and the prior month's reading.
On an annual basis, the PCE price index increased 2.3 percent in May, in line with forecasts and following an increase of 2.2 percent in April.
The core PCE price index edged up 0.2 percent month-on-month and 2.7 percent year-over-year, beating expectations.
The data reduced the possibility of a rate cut by the Fed anytime soon.
googletag.cmd.push(function() { googletag.display('div-gpt-ad...