(Updates with prices throughout, adds PCE data)
By Chibuike Oguh
NEW YORK, Dec 20 (Reuters) - The U.S. dollar retreated from a two-year high on Friday, but was heading for its third consecutive week of gains, with data showing a slowdown in inflation two days after the Federal Reserve delivered a cut to interest rates.
The dollar was down 0.42% against a basket of six other currencies at 107.97 , but earlier in the session it rose as high as 108.54 - its highest level since November 2022.
Commerce Department data on Friday showed the personal consumption expenditures (PCE) price index - which is the Fed's preferred inflation gauge - rose 0.1% in November after an unrevised 0.2% gain in October.
But in the 12 months through November, the PCE price index advanced 2.4% compared with a 2.3% increase in October.
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(Reporting by Chibuike Oguh, Rae Wee and Greta Rosen Fondahn; Editing by Jacqueline Wong, Jamie Freed, Hugh Lawson, William Maclean)
((Greta.RosenFondahn@thomsonreuters.com))
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