The fall in U.S. inflation in March gives investors another reason to sell the dollar but the global trade war clouds the outlook, Ballinger Group forex analyst Kyle Chapman says in a note. U.S. inflation eased to 2.4% year-on-year in March, below the 2.6% expected by economists in a WSJ survey.
"This report does tilt the Federal Reserve towards further cuts at the margin, but data dependency is no good when you can no longer rely on the prior trajectory for clues as to the future." Fed Chair Jerome Powell won't take much comfort from a softer March report given the prospect of higher inflation resulting from U.S. tariffs, he says.
The DXY dollar index falls to a one-week low of 101.475.
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