Dollar index at 7-week low as cooling US inflation data supports case for Federal rate cut
The dollar index extended downside to a seven week low following softer than expected US inflation report that could support case for a Federal rate cut. US consumer price index (CPI) rose 2.4% year-over-year in May, slightly above 2.3% prior but below the market expectations of a 2.5% increase. The core CPI, which excludes volatile food and energy prices, climbed 2.8% on year in May, compared to the consensus of 2.9%. Dollar index moved below 98 mark as investors now await US PPI data for more clarity. Moreover, US President Donald Trump has reignited tariff threats by announcing plans to notify US trading partners within the next one to two weeks about the new unilateral tariff rates, adding pressure on the greenback. Currently, the dollar index that measures the greenback against a basket of currencies is trading at 97.92, down 0.24% on the day. Among basket currencies, EURUSD and GBPUSD are both trading higher by 0.22% at $1.1517 and $1.3581 respectively.
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