The dollar slipped on Wednesday as traders trimmed their positions after May U.S. inflation data cemented chances of a June Federal Reserve interest rate hike but shed little light on policy moves beyond that.

A rumour talking about central bank buying of euros shortly after the inflation report spooked short-term investors into taking profits on the dollar’s seven-day rally against the euro.

The market had accumulated fairly large bets on the dollar heading into the data, so an unwind of positioning accelerated the greenback’s decline.

The consumer price index, excluding food and energy prices, rose a greater-than-expected 0.3 percent and the annual rate edged up to 2.4 percent, exceeding the upper threshold of what some Fed officials consider acceptable.

Growing expectations that the Fed will raise rates this month and possibly beyond, as well as a diminished appetite for risk, have boosted the U.S. currency this week.