US Dollar under pressure, Brazil’s Lula urges countries to ditch USD in trade – by eren_fxstreet DollarIndex Macroeconomics Currencies
inflation data from the United States, growing expectations for a Federal Reserve policy shift amid signs of economic slowdown and loudening calls to move away from the USD in trade transactions have been causing the currency to lose its value.
The Fed will publish Industrial Production figures for March and the University of Michigan’s will release the preliminary Consumer Sentiment Survey for April. The US Bureau of Labor Statistics reported on Wednesday that the Consumer Price Index declined to 5% on a yearly basis in March from 6% in February. This reading came in below the market expectation of 5.2%. Furthermore, the Core CPI, which excludes volatile food and energy prices, rose by 0.4% on a monthly basis, down from a 0.5% increase recorded in February.
San Francisco Federal Reserve Bank President Mary Daly said on Wednesday that the strength of the US economy and elevated inflation suggests that they have more work to do on rate hikes. The US Bureau of Labor Statistics reported on Friday, April 7, that Nonfarm Payrolls in the US rose by 236,000 in March, slightly below the market expectation of 240,000. February’s print of 311,000 got revised higher to 326,000 from 311,000.
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