India, May 14 -- The U.S. dollar extended its early weakness against other major currencies in the Asian session on Wednesday, as inflation slowed more than expected in April, raising hopes of further easing by the Federal Reserve.
Data from the Labor Department showed that consumer prices increased 2.3 percent year-on-year in April, following a 2.4 percent rise in March. Economists had expected inflation to remain unchanged.
On a monthly basis, the CPI rose 0.2 percent in April, up from a 0.1 percent decrease in March. Economists had forecast a 0.3 percent increase.
Weaker-than-expected inflation reading revived hopes for an interest rate cut by the Federal Reserve in the coming months.
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