The Federal Reserve Bank of New York's monthly Survey of Consumer Expectations showed on Monday that the US consumers' one-year inflation expectation declined to 5.2% in November from 5.9% in October, marking the biggest one-month decline on record.

Further details of the publication showed that the three-year ahead expected inflation edged lower to 3% from 3.1% in October and the five-year ahead expected inflation declined modestly to 2.3% from 2.4%.

Finally, the year-ahead increase in gasoline price is seen at 4.7%, down from 5.3% in October.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen posting small daily gains at 105.07.