The U.S. dollar dropped against its major counterparts in the New York session on Thursday, as soft producer inflation data for May raised hopes of a rate cut by the Federal Reserve.

On a monthly basis, the producer price index ticked up 0.1% in May, falling short of expectations of a 0.2% rise.

The core PPI, which excludes food and energy, edged up 0.1% in May, below expectations of a 0.3% rise.

Producer prices rose 2.6% year-over-year in May, in line with forecasts.

Initial jobless claims remained unchanged at 248,000 in the week ended June 7, exceeding estimates of 242,000.

The greenback fell to 3-1/2-year lows of 1.1631 against the euro and 1.3623 against the pound. The next possible support for the currency is seen around 1.19 against the euro and 1.38 against the pound.

The greenback declined to a 1-week low of 143.18 against the yen and near a 2-month low of 0.8102 against the franc. The currency is poised to find support around 140.00 against the yen and 0.80 against the franc.

The greenback dropped to more than an 8-month low of 1.3605 against the loonie and a 1-week low of 0.6071 against the kiwi, from an early high of 1.3675 and an 8-day high of 0.6005, respectively. The currency may find support around 1.34 against the loonie and 0.62 against the kiwi.

The greenback edged down to 0.6533 against the aussie, from an early 8-day high of 0.6477. If the currency falls further, it is likely to find support around the 0.67 level.

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