TOKYO, May 31 — The dollar was licking wounds against peer currencies today after a downward revision to US GDP for the first quarter suggested room for rate cuts this year,...
The dollar index, which measures the currency against six major peers, last consolidated around 104.76 after dipping as low as 104.63 overnight. — Reuters pic TOKYO , May 31 — The dollar was licking wounds against peer currencies today after a downward revision to US GDP for the first quarter suggested room for rate cuts this year, while investors braced for inflation data.
US Treasury yields, which had boosted the greenback to its highest since May 14 at 105.17 yesterday as they marched to multi-week peaks, slipped on the revised GDP data.The dollar index, which measures the currency against six major peers, last consolidated around 104.76 after dipping as low as 104.63 overnight.
Softer US consumer price inflation data earlier in May rekindled rate cut expectations for this year, weakening the dollar across the board and setting it on track to post its first monthly losses in 2024. Against the dollar, the yen was little changed even after data showed Tokyo core consumer prices, a leading indicator of nationwide figures, accelerated from the previous month to keep alive market expectations the central bank will raise interest rates this year.
Dollar Regroups Before Inflation Test Yen Brushes Off Tokyo CPI
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