Dollar is near its lowest level in 15 months, with expectations that the US interest rate hike will stop soon

The dollar hovered near a 15-month low on Friday, heading for its biggest weekly decline since November, after weak U.S. inflation data boosted investor bets that the Federal Reserve was close to ending its rate hike path.

Data on Thursday revealed that U.S. producer prices barely rose in June, while the annual increase in producer price inflation was the lowest in nearly three years, a day after data showed consumer prices rose slightly last month.

The dollar index, which measures the performance of the greenback against a basket of major currencies, rose 0.06% to 99.827, after touching a 15-month low of 99.574 earlier in the session. The index fell 2.4 percent this week, the largest weekly drop in eight months.

The euro rose to a 16-month high against the dollar at $1.1243 in Asian transactions, before settling at $1.1227.

The Swedish krona fell 0.5 percent against the dollar at 10.2560, moving away from Thursday’s two-month high against the dollar.

The Australian dollar also fell 0.3 percent to $ 0.6868.

The Japanese yen fell 0.25 percent to 138.41 against the dollar, and is on track for its best weekly performance against the dollar since January.