Dollar rises 0.2 percent to 0.814 against Swiss franc on higher inflation data
The U.S. consumer price index increased 0.4 percent in August, prompting expectations of a Federal Reserve interest rate hike next week and strengthening the dollar against major currencies.
Financial markets closed Friday with the U.S. dollar gaining ground following latest labor market figures showing a rise in consumer prices. The Labor Department reported that the Consumer Price Index climbed 0.4 percent month-over-month in August, after a smaller 0.1 percent increase in July. Over the past year, inflation reached 3.4 percent, matching last month's reading. These results supported forecasts of the Federal Reserve raising interest rates starting Monday. The dollar advanced broadly against the euro and Swiss franc before retracing some gains shortly after the data release. European currency fell 0.07 percent to $1.1602 per dollar. The greenback strengthened 0.2 percent to trade at 0.814 against the Swiss franc.
