As the Turkish lira sank before the second round of the presidential election Sunday, the dollar weakened against the other major currencies on Friday ahead of an indicator on American inflation.

Around 09:10 GMT (11:10 in Paris), the Dollar Index, which compares the greenback to a basket of other major currencies and had peaked in nearly two months the day before, fell 0.16% to 104.08 points. Investors are watching to what extent inflation is running out of steam in the United States, which would suggest a pause in Federal Reserve (Fed) rate hikes

The Turkish lira continues to decline before the second round of the presidential election. Down 0.28% to 19.99 pounds to the dollar, the pound is trading around 20 pounds to the dollar, a symbolic threshold that it crossed for the first time at the beginning of the week

Sterling is growing as British consumers resist inflation and high interest rates. Sterling was up 0.3% against the dollar to $1.2355. It fell by 1.9% in May, heading for its first monthly decline since February, largely due to a recent increase in investor demand for U.S. dollar safe haven properties. Against the euro, the pound sterling lost 0.1% to 86.95 pence

The Australian dollar is often used as a liquid substitute for the Chinese yuan. The kiwi rose by 0.15% to $0.6071, although it headed for a weekly loss of more than 3%, the largest since September, after the Reserve Bank of New Zealand stunned markets earlier this week by reporting that it had finished tightening monetary policy. The Chinese yuan rebounded after reaching its lowest level in nearly six months against the dollar as some major state-owned banks sold American currencies to prevent the yuan from collapsing