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U.S. Dollar Declines After Softer-than-expected Inflation Data
(RTTNews) - The U.S. dollar dropped against its major counterparts in the New York session on Wednesday, as the consumer price index came in softer than expected in May.
On a monthly basis, the CPI rose 0.1% in May, following the 0.2% increase in April. The reading came in below expectations of a 0.2% rise.
The core CPI, which excludes food and energy prices, increased 0.1%, compared to estimates of a 0.3% rise.
On a yearly basis, the CPI increased by 2.4% in May, following the 2.3% increase recorded in the previous month. Economists had expected a 2.5% rise.
The dollar index fell 0.44% to 98.56.
The greenback fell to a 6-day low of 0.8185 against the franc and near a 2-month low of 1.1496 against the euro. The next possible support for the currency is seen around 0.80 against the franc and 1.16 against the euro.
The greenback declined to a 6-day low of 1.3650 against the loonie and a 6-1/2-month low of 0.6546 against the aussie. The currency is poised to find support around 1.34 against the loonie and 0.67 against the aussie.
The greenback dropped to a 2-day low of 144.31 against the yen and a 6-day low of 0.6066 against the kiwi, from an early nearly 2-week high of 145.46 and a 2-day high of 0.6023, respectively. The currency may find support around 140.00 against the yen and 0.62 against the kiwi.
The greenback retreated against the pound and was trading at 1.3552. If the currency falls further, it is likely to find support around the 1.38 level.
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