Dollar Surges as Inflation Data Show Higher Consumer Prices

The US dollar gained strength against major currencies on Friday after inflation data revealed higher consumer prices.

Labor Department numbers showed that the Consumer Price Index (CPI) increased by 0.4% in August, following a 0.1% rise in July. The year-over-year increase remained at 3.4%, unchanged from the previous month's data.

The dollar rose against the euro and Swiss franc before briefly pulling back after the release of the inflation figures. The euro dipped 0.07% to $1.1602, while the dollar strengthened 0.2% against the Swiss franc.