The dollar index (DXY00) today is down by -0.11%. The dollar is under pressure today amid a -4% plunge in crude oil prices to a 5-week low, which lowers inflation expectations and may prompt the Fed to ease monetary policy, a negative factor for the dollar. Also, today’s rally in the Chinese yuan to a 3.25-year high is weighing on the dollar. The dollar recovered from its worst level after the May Richmond Fed manufacturing survey of current conditions rose more than expected to a 4.5-year high.
The US May Richmond Fed manufacturing survey of current conditions rose +10 to a 4.5-year high of 13. stronger than expectations of 4.
