U.S. Dollar Weakens As Inflation Slows
(RTTNews) - The U.S. dollar came under pressure on Tuesday, as inflation slowed more than expected in April, raising hopes of further easing by the Federal Reserve.
Data from the Labor Department showed that consumer prices increased 2.3 percent year-on-year in April, following a 2.4 percent rise in March. Economists had expected inflation to remain unchanged.
On a monthly basis, the CPI rose 0.2 percent in April, up from a 0.1 percent decrease in March. Economists had forecast a 0.3 percent increase.
Weaker-than-expected inflation reading revived hopes for an interest rate cut by the Federal Reserve in the coming months.
Investors digested the US-China tariff truce that paused tariffs for 90 days.
The greenback declined to 1.1182 against the euro, 1.3296 against the pound and 147.45 against the yen. The next possible support for the currency around 1.13 against the euro, 1.35 against the pound and 143.00 against the yen.
The greenback retreated to 1.3952 against the loonie and 0.5940 against the kiwi. The currency may find support around 1.36 against the loonie and 0.62 against the kiwi.
The greenback eased against the franc and was trading at 0.8413. The currency is poised to find support around the 0.82 level.
The greenback fell to a 6-day low of 0.6476 against the aussie. If the currency falls further, it is likely to find support around the 0.66 level.
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