The U.S. dollar lost ground against its major counterparts in the European session on Friday, as indications that inflation has peaked in October supported the case for a slowdown in the pace of rate hikes in the coming months.

Dallas Fed President Lorie Logan and San Francisco Fed President Mary Daly suggested that the central bank may ease the pace of its hikes in the future.

Traders are assigning an 85.4 percent probability of a 50 basis-point rate hike at the December meeting.

The dollar index that tracks the greenback against a basket of other currencies touched near a 3-month low of 107.10.

U.S. stock futures are higher, as soft inflation data supported odds for smaller rate hikes by the Fed.

The greenback depreciated to near a 2-month low of 0.9568 against the franc and near a 3-month low of 1.0297 against the euro, from its early highs of 0.9682 and 1.0163, respectively. The currency may challenge support around 0.93 against the franc and 1.05 against the euro.

The greenback touched a 2-1/2-month low of 1.1774 against the pound and more than a 2-month low of 138.75 against the yen, after climbing to 1.1647 and 142.48, respectively in early deals. The currency is seen finding support around 1.22 against the pound and 134.00 against the yen.

The greenback fell to 0.6060 against the kiwi and 0.6679 against the aussie, its lowest levels in nearly two months. The greenback is likely to challenge support around 0.62 against the kiwi and 0.69 against the aussie.

The greenback touched 1.3284 against the loonie for the first time since September 20. Next key support for the currency is seen around the 1.30 level.

The University of Michigan's preliminary U.S. consumer sentiment index for November is set for release in the New York session.

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