Dollar gains on euro after inflation data, sterling falls

The dollar gained against the euro on Friday after European inflation hit a record high and U.S. consumer spending increased faster than expected, reports citing CNBC.

But while the dollar was on track for its biggest quarterly gain since 2015 it was headed for its first weekly decline in three weeks.

Sterling fell against the dollar after three sessions of gains followed wild declines on concerns about Britain's plan to slash taxes and pay for it with more borrowing. After hitting a record low on Monday, the pound was on track for a weekly gain after the Bank of England bought British government bonds, known as gilts, on Wednesday, Thursday and Friday.

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