From Investing.com: 2024-05-16 04:52:00

US inflation resumed its downtrend in April, with both headline and core CPI rates falling, leading to increased bets on a Fed rate cut. Retail sales also stagnated, putting pressure on the dollar, which fell against major currencies. Meanwhile, the yen gained despite a contraction in the Japanese economy, complicating potential rate hikes. Wall Street surged to new highs on the back of the US inflation data, while gold rallied. Australia’s dollar retreated after strong employment data mixed with rising unemployment rates. Traders are closely watching jobless claims numbers and Fed speeches for further direction.



Read more at Investing.com: Dollar plummets as US data supports Fed rate cuts