The dollar is tumbling

The dollar is tumbling.

The US dollar index is down by 0.6% at 99.82 as of 7:53 a.m. ET.

This is the lowest level for the index since early February.

Separately, Tuesday’s shaping up to be a heavy day for Fed speak, with New York’s Dudley, Kansas City’s George, Cleveland’s Esther, and Boston’s Rosengren all speaking.

As for the rest of the world, here’s the scoreboard as of 7:57 a.m. ET:

  • The euro is up by 0.7% at 1.0809 against the dollar following the French presidential debate. “Growing confidence that [Marine] Le Pen will not be the next president of France following the televised debate for which two polls showed [Emmanuel] Macron doing best has lifted the euro and reduced the French interest rate premium over Germany,” Marc Chandler, global head of currency strategy wrote.
  • The British pound is up by 0.9% at 1.2464 against the dollar after the latest data from the ONS showed consumer prices jumped 2.3% in February, surpassing the Bank of England’s 2% target for the first time in almost 3 1/2 years.
  • The Russian ruble is up by 0.3% at 57.1520 per dollar, while Brent crude oil, the international benchmark, higher by 0.7% at $US51.99 per barrel. Separately, retail sales are expected to be out later in the day.
  • The Mexican peso is stronger by 0.2% at 18.9689 per dollar.
  • The Indian rupee is ended up 0.2% at 65.215 per dollar.

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