Inflation in the US, as measured by the Personal Consumption Expenditures (PCE) Price Index, declined to 6% on a yearly basis in October from 6.3% in September, the US Bureau of Economic Analysis announced on Thursday. This reading came in below the market expectation of 6.2%.

The annual Core PCE Price Index, the Federal Reserve's preferred gauge of inflation, declined to 5% from 5.2% as expected.

Further details of the publication revealed that Personal Spending and Personal Income rose by 0.8% and 0.7%, respectively, on a monthly basis in October.

Market reaction

The US Dollar continued to weaken against its rivals and the US Dollar Index was last seen losing 0.75% on the day at 105.05.