The dollar index (DXY00) today is down by -0.19%. The dollar is under pressure as today's stock rally has reduced liquidity demand for the dollar. Also, benign inflation news today may keep the Fed from tightening monetary policy, a negative for the dollar, after the May core PCE price index, the Fed's preferred inflation gauge, rose as expected.
Losses in the dollar are limited, as today's US economic news shows the economy is strengthening. Q1 GDP was revised upward, weekly jobless claims fell more than expected, and May personal spending and income, and May capital goods new orders rose more than expected.
