The euro struck a fresh all-time high against the dollar after some soft US economic data reinforced market expectations that the US Federal Reserve will be cutting interest rates further later this month. The news that US inflation did not surprise to the upside during March, and that the housing market remains in trouble, gave traders the opportunity to further sell the dollar, with the euro rising to $1.5968. Earlier the euro set a series of all-time highs against the dollar after inflation in the euro zone for March was revised higher, to the likely alarm of policy-makers at the European Central Bank.