Dollar Falls as Crude Prices Reversal Hits US Economy

The US dollar index is trading lower today after a decline in crude oil prices caused the 10-year T-note yield to fall by 3.5 basis points.

Crude oil prices, specifically WTI oil, fell more than 2% today, following Thursday's surge of over 6.7%. The International Energy Agency warned that high oil prices and restricted supply will cause the biggest drop in global demand this year since the COVID-19 pandemic.

The dollar is also being undercut by a weaker-than-expected US consumer sentiment report from the University of Michigan, which fell to 47.8, down 3.9 points from last month's reading.