India, May 13 -- The U.S. dollar came under pressure on Tuesday, as inflation slowed more than expected in April, raising hopes of further easing by the Federal Reserve.
Data from the Labor Department showed that consumer prices increased 2.3 percent year-on-year in April, following a 2.4 percent rise in March. Economists had expected inflation to remain unchanged.
On a monthly basis, the CPI rose 0.2 percent in April, up from a 0.1 percent decrease in March. Economists had forecast a 0.3 percent increase.
Weaker-than-expected inflation reading revived hopes for an interest rate cut by the Federal Reserve in the coming months.
Investors digested the US-China tariff truce that paused tariffs for 90 days.
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