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FRANKFURT, Germany (AP) - The dollar was weaker against the euro Monday as traders drove up the common currency on the back of weaker-than-expected U.S. inflation figures from last week. The Japanese yen fell to new 4 1/2-year lows against the dollar.
In morning trading, the euro went as high as $1.3405 before settling back to $1.3398, up from $1.3378 in late New York trading on Friday, when the U.S. Labor Department reported that its Consumer Price Index shot up in May at the fastest pace in 20 months.
The closely watched core CPI, however — which excludes often volatile food and energy prices — rose 0.1 percent, below the expected 0.2 percent increase. The reading eased concerns about an interest rate hike, fueled last week when the benchmark 10-year Treasury note passed 5 percent for the first time since last summer.
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