The dollar was set for its biggest weekly gain in over a month on Friday, supported by expectations of fewer Federal Reserve rate cuts and the view that President-elect Donald Trump's policies could stoke U.

U.S. inflation rose 2.6% on an annual basis last month, representing an uptick from September when the Federal Reserve began cutting interest rates amid signs of cooling prices and a weaker labor market.

Wholesale prices in the US rose last month, remaining low but suggesting that the American economy has yet to completely vanquish inflationary pressure. Thursday’s report from the Labor Department showed that its producer price index — which tracks inflation before it hits consumers — rose 0.