The dollar is weak against the pound and strong against the euro today, as the euro suffers from poor economic data and coronavirus news. It’s thought that the US is expected to weather the impacts of the virus better than the eurozone.
Inflation Rate for the US came in higher than-expected at 2.5% year-on-year, an increase from the previous reading of 2.3%. Core inflation stayed the same at 2.3% but was still slightly higher than expected. This data pushes the figure further above the Federal Reserve’s 2% target and could make a rate cut this year less likely.
Today, we’ll see the release of Retail Sales, which are expected to stay the same month-on-month.
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