The dollar index (DXY00) Monday fell by -0.31% and posted a 2-week low. Lower T-note yields Monday weighed on the dollar. Also, an increase in Japanese inflation expectations to an 8-1/2 year high pushed up the yen to a 2-1/2 week high against the dollar. In addition, weaker-than-expected U.S. economic news on May wholesale sales and May consumer credit was negative for the dollar.
Monday’s U.S. economic news was bearish for the dollar. May wholesale trade sales unexpectedly fell -0.2% m/m, weaker than expectations of +0.3% m/m. Also, May consumer credit rose +$7.24 billion, weaker than expectations of +$20.00 billion and the smallest increase in 2-1/2 years.
