Dollar Index Slides To Over One- Month Low On Soft US Inflation Report

Published on May 16, 2024 11:17

The dollar index slipped below 104 mark during intraday moves on Thursday, extending sharp decline from previous session after data revealed by the US Bureau of Labor Statistics (BLS) showed US inflation is easing, increasing possibility for a Federal Reserve (Fed) rate cut in 2024. DXY futures are falling alongside plunging treasury yields and quoting at 104.11, down 0.11% on the day, its lowest level since April 10th. US consumer price index increased by 0.3 percent in April after rising by 0.4 percent in March and below expectations for a 0.4 percent rise. The report also said the annual rate of consumer price growth slowed to 3.4 percent in April from 3.5 percent in March, in line with expectations. Among basket currencies, EURSUD and GBPUSD are quoting marginally higher at $1.0897 and $1.2687 respectively.