The dollar index (DXY00) today is down by -0.31%. The dollar is under pressure after today's report on the August core PCE price index, the Fed's preferred gauge of inflation, came in right on expectations, which may allow the Fed to keep easing monetary policy. The dollar extended its losses today after the University of Michigan's US September consumer sentiment index was unexpectedly revised lower to a four-month low.
Losses in the dollar are limited as today's better-than-expected reports on Aug personal spending and income show economic strength that is supportive of the dollar. Also, hawkish comments today from Richmond Fed President Tom Barkin were bullish for the dollar, as he stated that the uncertainty that pervaded the economic outlook earlier in the year has started to lift for US companies.
