Dollar slips as market awaits key inflation data
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The dollar slid versus most major currencies on Monday amid expectations key US data this week will show a slowing pace of inflation and consumer spending at a time of recovering European economies that also could be bolstered by interest rate cuts. The Federal Reserve is now expected to cut rates by 25 basis points as early as September and perhaps again in December. The consumer price index on Wednesday is expected to show that core CPI rose 0.3% month-over-month in April, down from 0.4% the prior month. US retail sales also will be reported on Wednesday and industrial production on Thursday. Markets are pricing in around an 80% chance of a rate cut by the Fed’s September meeting, with almost 44 basis points (bps) of reductions in total expected in 2024.

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