The dollar slid Tuesday after US consumer inflation data for June came in below expectations, sharply reducing market bets on a Federal Reserve interest rate hike this month. The Labor Department reported the consumer price index rose 3.5 percent year-on-year, down from 4.2 percent in May, while the core rate excluding food and energy fell to 2.6 percent from 2.9 percent. The probability of a July rate hike dropped from roughly 40 percent to 13 percent following the release, according to market pricing. Oil prices initially jumped as much as five percent after fresh strikes near the Strait of Hormuz, but gains faded after President Donald Trump reversed plans for a 20-percent levy on ships transiting the waterway. In equities, JPMorgan Chase reported a record quarterly profit of $21.2 billion, while IBM shares plunged 23 percent after warning of a second-quarter earnings miss, though the broader market edged higher with the S&P 500 up 0.5 percent.
International Business MachinesIBM warned of a second-quarter earnings miss, causing shares to plunge 23%.
JPMorgan Chase & CoJPMorgan Chase reported a record quarterly profit of $21.2 billion.