Dollar at one-year low, cooling inflation raises Fed pause expectation

In this photo illustration, 100 U.S. dollar notes and 100 yuan notes are displayed.

Sheldon Cooper | Lightrocket | Getty Images

The dollar index bounced off a one-year low against a basket of currencies on Friday after some March retail sales components were not as weak as some economists had feared, while a key Federal Reserve official warned that the U.S. central bank needs to continue hiking interest rates to bring down inflation.

The dollar rebounded from an initial drop after data showed U.S. retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items.

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