The dollar index (DXY00) is down by -0.31% today. The dollar is under pressure today from a -1% decline in WTI crude oil prices, which eases inflation expectations and is a dovish factor for Fed policy.
Losses in the dollar are limited on better-than-expected US economic news today, including Aug capital goods new orders nondefense ex-aircraft and parts and the University of Michigan US Sep consumer sentiment index. Also, hawkish comments today from New York Fed President John Williams supported the dollar when he said the Fed needs to return inflation to target.
