NEW YORK, Nov 14 Reuters The dollar weakened on Tuesday after data for U.S. consumer prices showed signs that underlying inflation slowed in October, increasing the odds that the Federal Reserve is done hiking interest rates.

U.S. consumer prices were unchanged last month amid lower gasoline prices, the Labor Department39;s Bureau of Labor Statistics BLS said, following a 0.4 rise in September.

In the 12 months through October, the consumer price index CPI climbed 3.2 after rising 3.7 in September, BLS said.

You can say goodbye to the rate hiking era, said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin.

Matthew Miskin, cochief investment strategist at John Hancock Investment Management in Boston, said the Fed will likely be in a holding pattern, with inflation moderating and a weakening labor market.

Another rate hike from here looks less likely given this softer inflation data, Miskin said.

The dollar index, a measure of the U.S. currency against six peers, was down 0.97 at 104.600810. Among major currencies, the euro rose 1.13 to 1.0818 and the Japanese yen strengthened 0.59 to 150.79 per dollar.

Fed Chair Jerome Powell and other policymakers in recent days have tried to push back against market expectations that the U.S. central bank was done with its aggressive ratehike cycle.

The yen earlier was under pressure after it briefly jumped against the dollar on Monday having touched a oneyear low in a move attributed…