(Sharecast News) - A stronger-than-expected reading on the U.S. Consumer Price Index for March propelled the Greenback higher, as traders priced out the possibility of an interest rate cut at the Federal Reserve's June policy meeting.

According to the U.S. Department of Labor, headline and core consumer prices in the States both rose by 0.4% month-on-month in March.

Economists had penciled-in increases of 0.3% for both measures.

Dollar strength hit metals' prices, in turn taking miners' shares down with them.

As of 1457 BST, the U.S. dollar index was up by 0.85% to 105.04 and at its session highs.

In parallel, the yield on the policy-sensitive two-year U.S. Treasury note had leapt 21 basis points higher to 4.962%.

Gold futures on COMEX headed in the opposite direction, erasing 0.61% to $2,348.0/oz., while copper was down by 0.63% to $4.2585/ib..

Interest rate sensitive REITS were also unloved.

Aerospace and Defence names were again seen profit-taking.

Shares of HSBC on the other hand appeared to be taking the prospect of higher rates in the States in their stride, as they were so often wont to do.

That was keeping the sector gauge in the black.

Boosting the lender's shares too, analysts at Citi had reiterated their 'buy' recommendation and 810p target price.

Top performing sectors so far today

Medical Equipment and Services 11,167.32 +1.51%

Leisure Goods 25,031.84 +1.11%

Personal Care, Drug and Grocery Stores 3,783.19 +1.05%

Banks 3,963.34 +0.92%

Automobiles & Parts 1,252.73 +0.83%

Bottom performing sectors so far today

Precious Metals and Mining 10,297.37 -2.22%

Industrial Metals & Mining 6,602.27 -2.10%

Real Estate Investment Trusts 2,222.44 -1.55%

Aerospace and Defence 10,404.10 -1.23%

Life Insurance 5,879.04 -1.11%