The dollar is back in the doldrums, and it looks to be stuck that way for a while.
After surprisingly weak CPI inflation data, the dollar index sank to a new low of 95.186 Friday, the lowest since September of last year. The dollar's decline was broad-based, falling to a 10-month low against the British pound and a 15-month low against the Australian dollar. It lost a half percent against the euro.
Just days ago, currency strategists said the dollar may be ready to break out and move higher, based on the outlook for Fed interest-rate hikes.
"I think there was a window of opportunity. The window shut because of our poor data," said Marc Chandler, chief currency strategist at Brown Brothers Harriman. The dollar traded lower most of this year, after gaining sharply in the fourth quarter on expectations that President Donald Trump's election would lift the economy.