The US Dollar weakened for a second consecutive day following softer-than-expected US inflation data. The Korean Won strengthened against the Greenback after both countries discussed Forex markets. The US Dollar Index (DXY) hit support near the 100-level before bouncing slightly. This decline comes after softer Consumer Price Index (CPI) data for April, which has revived rate cut bets for the Federal Reserve (Fed). The probability of a rate cut in June is currently at 8.2%, while July sees odds at 38.6%. The US 10-year yields are trading around 4.48% as traders consider Tuesday’s inflation numbers and rate cut prospects for 2025. Technically, the DXY could revisit its multi-year low at 94.56 if more headlines or interventions emerge. — new from FXStreet
