The dollar index (DXY) decreased by 0.11% today, pressured by a 4% drop in crude oil prices, which fell to a 5-week low, and a rally in the Chinese yuan to a 3.25-year high. The May Richmond Fed manufacturing survey indicated a rise in current conditions by 10 points to 13, surpassing forecasts of 4.
Eurozone April new car registrations increased by 5.1% year-over-year to 972,000 units. Comments from ECB Governing Council member Yannis Stournaras suggest a likely interest rate hike in June, with swaps markets pricing in a 95% chance of a 25 basis point increase. Meanwhile, German economic advisers lowered their GDP forecast for 2026 from 0.9% to 0.5%.
In Japan, the April PPI service prices rose 3.0% year-over-year, lower than expected, contributing to a 3.5-week low for the yen against the dollar. Markets account for a 76% chance of a 25 basis point rate hike by the Bank of Japan at its meeting on June 16.
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