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NEW YORK (MarketWatch) -- The dollar pared a decline on Wednesday after a report showed the U.S. government's consumer price index rose 0.4% in November in line with expectations. Core prices, excluding food and energy, were flat, while economists expected a slight increase. The dollar index (DXY 76.78, -0.18, -0.23%) , which tracks the greenback against a trade-weighted basket of six major counterparts, fell to 76.850, compared with 77.022 in late New York trading on Tuesday, when it touched the highest in more than two months. A separate report showed housing starts rose to a 574,000 pace in November. Price activity is likely to be muted before the Federal Reserve completes its monetary policy meeting later in the session. Currency analysts expect no change to the central bank's commitment to keep interest rates low for some time, though its assessment of the economy is likely to be upgraded.
