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Barchart
Barchart
Rich Asplund

Dollar Tumbles and Gold Rallies on a Dovish US CPI Report

United States Gold US Federal Reserve BOJ ECB Schnabel ECB Governing Council

The dollar index (DXY00) today is down by -0.69%.  The dollar retreated today after the US May CPI rose less than expected, boosting expectations for Fed easing later this year.  Also, today’s rally in the S&P 500 to a new record high has reduced liquidity demand for the dollar.

US May CPI unexpectedly eased to +3.3% y/y from +3.4% y/y in Apr versus expectations of no change at +3.4% y/y.  May CPI ex-food and energy eased to a 3-year low of +3.4% y/y, weaker than expectations of +3.5% y/y.

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