Dollar Gains Against Swiss Franc as Inflation Data Supports Rate Hike

The US dollar edged higher against the Swiss franc on Friday after the release of closely watched inflation data. The Labor Department reported that consumer prices rose 0.4% in August, following a 0.1% increase in July.

Core CPI increased 2.4% year-on-year in August, up from 2.5% in July. This accelerated pace of inflation reinforced expectations of a rate hike by the Federal Reserve next week.

The dollar initially gained against its peers before giving back some gains immediately after the data release.