The US dollar has ticked higher after the March PCE report.

A few of the elements in the data balance out. Inflation was once-again soft but that was foreshadowed in Friday’s GDP report so it doesn’t come as a big surprise.

In terms of consumers, spending was surprisingly strong but income levels fell well short of what was expected.

So there’s a long list of a pros and cons after the report and the dollar is generally mixed. USD/JPY ticked higher to 111.82 from 111.72 beforehand:

Part of that is a creep higher in Treasury yields. US 10s are up 3 bps to 2.53%. The euro and pound also hit the lows of European trading on the headlines.

On the flipside, the commodity currencies are doing a bit better against the US dollar after the report.

For the next move in the dollar, look to equities and commodity prices.