TOKYO, Nov 15 Reuters The dollar sputtered at broadly lower levels on Wednesday after slumping overnight as a surprisingly softer U.S. inflation reading bolstered bets that the Federal Reserve has reached the end of its monetary tightening cycle.

The offshore Chinese yuan, meanwhile, received some support after domestic industrial output and retail sales growth beat expectations.

The activity data generally appeared to be further evidence of very slow progress being made in China39;s economy, said Rob Carnell, AsiaPacific Head of Research and Chief Economist at ING.

The offshore yuan briefly ticked up to a threemonth high of 7.2385 against the dollar before easing back somewhat to 7.2477.

At the same time, glum news continued to roll out of China39;s property sector, with sales falling at a faster pace in October and investment in real estate slumping, official data showed.

With no end in sight for problems in the sector, that39;s likely to seep into other parts of the Chinese economy, keeping them just a little bit mediocre, said Carnell.

The New Zealand dollar , which can act as a proxy for China, ticked up to a onemonth high of 0.6029 against the dollar.

The selloff in the dollar drove a rally for many of its peer currencies, with the euro sitting just below an over twomonth high hit on Tuesday.

The frenetic currency market activity was sparked by data showing U.S. consumer prices were unchanged in October, with the annual rise in underlying inflation the…