Dollar Soars as Inflation Data Fueled Rate Hike Bets

The U.S. dollar experienced a significant surge against major currencies on Friday, bolstered by August's inflation data that showed consumer prices rising 0.4%.

This marked a modest increase from July's 0.1% rise, with the year-over-year consumer price index (CPI) climbing to 3.4%, consistent with July's rate.

The dollar's influence was evident as it strengthened against the euro and the Swiss franc, although it retreated slightly soon after the release of the data.