The greenback rose broadly against major currencies after the release of U.S. leading indicators, suggesting a sharp economic downturn in the U.S. might be nearing a bottom.

U.S. leading indicators increased 0.1% in April, better than the expectation of no change. The measure points to the direction of the economy over the next three to six months. Market focus now shifted to inflation. Investors added speculation that the Federal Reserve will have room to hike interest rates this year as record high oil prices put upward pressure on inflation. Interest-rate futures showed an 88% chance the Federal Reserve will keep its target rate at 2% at its meeting on June 25.

The single currency tumbled from 1.5634 to 1.5486 against the dollar. The greenback rose against the Japanese yen and Swiss franc from 103.63 to 104.69 and from 1.0415 to 1.0573 respectively. The British pound rose briefly to 1.9624 as U.K. house prices rose unexpectedly and then fell sharply to 1.9453 on dollar’s broad-based strength.

U.S. currency fell against the Canadian dollar from 1.00000 to 0.9899 as crude oil prices rose to record high at $127.77 per a barrel. Australian dollar and New Zealand dollar strengthened to 0.9571 and 0.7774 respectively.

Tuesday will see the release of Japan’s tertiary industry index and leading indicators, German PPI and ZEW index, eurozone ZEW survey and U.S. PPI. Investors are also focusing the minutes from that April meeting due on Wednesday to have additional confirmation that the Fed has finally moved to the sidelines.