(fxcue news) - The U.S. dollar declined against its major counterparts in the New York session on Friday, as a slowdown in PCE inflation for November bolstered the prospect of slower pace of rate cuts by the Federal Reserve next year. Data from the Commerce Department showed that the personal consumption expenditures (PCE) price index inched up by 0.1 percent in November after rising by 0.2 percent in October. Economists had expected prices to increase by another 0.2 percent. The annual rate of growth by the PCE price index accelerated to 2.4 percent in November from 2.3 percent in October, slightly slower than 2.5 percent jump economists had expected. Excluding food and energy prices, the core PCE price index also edged up by 0.1 percent in November after climbing by 0.3 percent in October. Economists had expected core prices to rise by 0.2 percent. The annual rate of growth by the core PCE price index in November came in at 2.8 percent, unchanged from October, while economists had expected an acceleration to 2.9 percent. The inflation readings, which are preferred by the Federal Reserve, were included in a report on personal income and spending. The data bolstered expectations of two rate reductions in 2025. The greenback fell to 2-day lows of 0.8922 against the franc and 1.0435 against the euro, from an early high of 0.8992 and a 4-week high of 1.0342, respectively. The currency is seen finding support around 0.88 against the franc and 1.06 against the euro. The greenback declined to 2-day lows of 1.4342 against the loonie, 0.6269 against the aussie and 0.5668 against the kiwi, off its early highs of 1.4435, 0.6214 and 0.5613, respectively. The next possible support for the greenback is seen around 1.38 against the loonie, 0.66 against the aussie and 0.60 against the kiwi. The greenback dropped to 1.2591 against the pound and 156.09 against the yen, from an early 7-1/2-month high of 1.2474 and more than a 5-month high of 157.92, respectively. The currency is likely to locate support around 1.28 against the pound and 149.5 against the yen.