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Rich Asplund

Dollar Pressured by Soft US CPI Report

United States US Federal Reserve ECB Guindos Barkin BOJ Inflation Ueda Williams New York Fed

The dollar index (DXY00) Wednesday fell by -0.16%.  The dollar posted moderate losses Wednesday as T-note yields fell on the Fed-friendly US Dec CPI report that showed an unexpected easing of core inflation.  Also, Wednesday’s report showed that the US Jan Empire manufacturing survey of general business conditions unexpectedly fell to an 8-month low, which is bearish for the dollar.  In addition, Wednesday’s sharp rally in stocks reduced liquidity demand for the dollar. 

However, short covering emerged in the dollar based on hawkish comments from New York Fed President Williams and Richmond Fed President Barkin, who said it would take more time for inflation to fall to the Fed’s target, signaling tighter Fed policy. The dollar also garnered support from the Fed Beige Book, which said economic activity increased “slightly to moderately” across the US.

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