Dollar Drops Following Inflation Data

The U.S. Dollar (USD) turned to the negative side on Tuesday, following the release of the consumer price index (CPI) March reading.

The CPI increased by more than expected last month, rising by 0.6% on a monthly basis and by 2.6% on an annual level.

A surge in gasoline prices by 9.1% contributed the most to the rise in consumer prices.

Meanwhile, core CPI that excludes food and energy prices, increased by 0.3% on a monthly basis and by 1.6% annually.

The Dollar Index (DXY), which measures the greenback against six currencies, is down by 0.15% at 92.00.

Prior to the release of the data, the index was fluctuating, mostly within a positive range above 92.10 with its highest level at 92.33.