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Rich Asplund

Dollar Drops on Easing Inflation Pressures and Dovish FOMC Minutes

US Federal Reserve Inflation Daly San Francisco Fed Richmond Fed Barkin

The dollar index (DXY00) on Wednesday fell by -0.69%.  The dollar was under pressure Wednesday from lower T-note yield and an easing of inflation pressures that may prompt the Fed to end its rate-hike campaign.  Also, dovish Fed comments Wednesday from San Francisco Fed President Daly and Richmond Fed President Barkin weighed on the dollar.  The dollar fell to its lows Wednesday afternoon following the release of the dovish minutes from the Mar 21-22 FOMC meeting.

U.S. Mar CPI rose +0.1% m/m and +5.0% y/y, a smaller increase than expectations of +0.2% m/m and +5.1% y/y.  However, Mar CPI ex-food and energy rose to +5.6% y/y from +5.5% y/y in Feb, right on expectations.

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