12:12 PM EDT, 05/24/2024 (MT Newswires) -- US dollar losses broadened out and built further heading into the home stretch of North American trade on Friday with sales intensifying after University of Michigan inflation expectations were revised lower in the final May survey.

Almost all G20 currencies rose against the US dollar with the sole exception being the Chinese renminbi after Michigan Sentiment Index inflation expectations data helped lift funding currencies like the Japanese yen and Swiss franc back into the black for the session.

Final Michigan Sentiment survey results showed year-ahead inflation expectations ticked higher to 3.3% in May from 3.2% in April, though this was a downward revision from the 3.5% announced earlier in the month. Meanwhile, long run inflation expectations were said to have held steady at 3% for a second straight month after initially being reported higher at 3.1% earlier in May.

USD/JPY fell to an intraday low of 156.84 in the final hours of European trade after trading above 157 through much of the session while USD/CHF fell to intraday lows around 0.9134 after trading around 0.9150 previously.

Both pairs were nursing minor losses around the London close while all other G10 currencies were carrying gains equal to one third of a percent or more with 'high beta' currencies fairing especially well in Europe.

The Norwegian krone was the top performer when USD/NOK traded 0.95% lower to 10.5681 though the Swedish krona also did well when pushing USD/SEK 0.74% lower to 10.6578.

Meanwhile, the euro, pound sterling, Canadian dollar, Australian dollar and New Zealand dollar each rose around 0.40% against the greenback, which traded weaker against most peers throughout the European session.