“The softer inflation data took some wind out of the dollar’s sails,” said Joe Manimbo, senior market analyst at Convera in Washington.
The dollar briefly pared losses on release of the retail sales data, but later fell against the euro to trade little changed against other major currencies. On Wall Street, the Dow Jones Industrial Average fell 0.12 percent, the S&P 500 lost 0.83 percent and the Nasdaq Composite dropped 1.54 percent. Goldman said it sees risks to its forecast tilted to the upside due to the possible need for more rate hikes to keep growth below potential, inflation will likely remain too high and policymakers may have to counter any premature easing.
The gap between yields on two- and 10-year notes, seen as a recession harbinger, deepened to -67.8 basis points.
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