Dollar Weakens as US Data Points to Easing Inflation Pressure
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The Bloomberg Dollar Spot Index fell as much as 0.4% on Wednesday as price pressures in the US services industry eased and Federal Reserve Chair Jerome Powell said he wants to see inflation move sustainably to the US central bank’s 2% goal before starting to lower interest rates. Growth in the US services sector eased last month while a gauge of input costs decreased to a four-year low, according to a report by the Institute for Supply Management. Traders are now predicting less than three rate cuts this year, following earlier expectations of as many as six rate reductions in 2024. The Norwegian krone and Swedish krona gained about 1% against the greenback, while the Australian dollar climbed 0.7%. The Japanese yen was the only currency in the group that fell.

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https://www.bloomberg.com/news/articles/2024-04-03/dollar-weakens-as-us-services-data-points-to-easing-inflation-pressure