SINGAPORELONDON, Dec 14 Reuters The dollar was trading near its weakest levels in months against the euro and pound on Wednesday after sliding overnight on coolerthanexpected inflation data which fuelled bets the Federal Reserve will outline a slower rate hike path.

After delivering four consecutive 75 basis point bp hikes, the U.S. central bank is widely expected to increase interest rates by 50 bp as it concludes its twoday meeting on Wednesday.

Traders will then turn their focus to Thursday meetings of the Bank of England and the European Central Bank, where consensus is also for a 50 bp rate hike.

The euro was steady against the dollar at 1.0642, not far off a sixmonth intraday high of 1.0673 it touched in the previous session after U.S. CPI data.

The pound, which also hit a six month high after the U.S. figures, was flat at 1.2376 after a brief dip when British inflation data too showed a sharper than expected fall.

But yearonyear inflation of 10.7, compared to a predicted 10.9, remains painfully high for British consumers.

U.S. consumer prices rose less than expected for a second straight month in November, with underlying consumer prices advancing by the least in 15 months, Tuesday39;s report from the Labor Department showed.

That data served to reinforce existing expectations that the Fed will slow the pace of its rate increase to 50 bp, and so the main focus of Wednesday39;s meeting will be the Fed39;s quarterly 39;dot plot39;, which shows where…