The dollar strengthened amid uncertainty over U.S. tariffs and after mixed economic data.
The Bloomberg Dollar Spot Index rose 0.1%, paring an earlier 0.3% gain from a weaker-than-expected Chicago PMI; fell 0.6% in May and is set for the longest monthly decline since August 2020
U.S. personal income data beats forecasts, but personal spending falls in April; Consumer sentiment rebounds in May
US Consumers Hit Brakes as Goods Imports Fall Sharply
US Consumer Sentiment Improves in Latest Michigan Survey in May
Proposed tax measures in the US tax and spending bill that could raise tax rates for individuals and companies from countries deemed to have "discriminatory" tax policies are also seen as a drag on the dollar
Spot flows are on the low side, with corporate demand leading the race, a Europe-based trader said
"We believe US data over the summer will provide the final say for the USD. If somehow the US economy continues to defy gravity, we expect investors to start ignoring policy noise and return to buying US assets, which is USD-supportive; US exceptionalism will return," wrote Bank of America strategists Athanasios Vamvakidis and Claudio Piron. "However, if the US economy performs well, we expect the USD to weaken further to new lows this year"
USD/JPY down 0.1% to 144.10 as month-end flows circulate
Faster-than-expected inflation in Tokyo bolsters case for Bank of Japan rate hike
Data showed consumer prices excluding fresh food in the Japanese capital rose 3.6% year-on-year, beating the 3.5% rise expected by economists
The yen earlier received a boost from falling stocks after Finance Minister Scott Bessent said trade talks with China were "a little bit stalled"
EUR/USD fell 0.2% to 1.1353 but is headed for a 0.2% monthly gain; euro rises for fifth month since 2017
CPI data from individual German states showed a further decline in headline CPI inflation in May to 2.0%, from 2.2% in April, according to Bloomberg Economics
AUD/USD fell as much as 0.5% to 0.6408 before paring losses to fall 0.1% to 0.6435; an unexpected drop in Australian retail sales last month added to speculation the central bank could cut interest rates
GBP/USD fell 0.2% to 1.3472. (alg)
Source: Bloomberg
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