On Tuesday, the dollar index rose by +0.15%, driven by increased liquidity demands amid a stock market slump and rising crude oil prices, which heightened inflation expectations. The April Conference Board US consumer confidence index unexpectedly increased by +0.6 to 92.8, reaching a four-month high, contrary to predictions of a decline.
Meanwhile, the US and Iran are intensifying tensions over the Strait of Hormuz, influencing demand for the dollar as a safe haven. The February S&P Composite-20 home price index increased by +0.90% year-over-year, falling short of expectations of +1.12%, marking the slowest growth in over 2.5 years.
In Europe, the euro dropped by -0.10% due to a stronger dollar and adverse impacts from increasing crude oil prices. The ECB’s March CPI inflation expectations rose significantly to 4.0%, higher than the 2.8% forecast, as markets anticipate an 11% chance of a +25 basis point rate hike at the upcoming policy meeting.
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