US Dollar Index: DXY bears approach 104.00 with eyes on Fed Chair Powell’s Testimony – by anilpanchal7 DollarIndex RiskAppetite YieldCurve Fed Currencies
Upbeat data, corrective bounce in yields failed to impress DXY bulls amid mixed Fed talks, quiet markets. remains on the back foot for the third consecutive day as it slides towards 104.00 during early Tuesday, pressured near 104.25 by the press time. In doing so, the greenback’s gauge versus the six major currencies traces the US Treasury bond yields amid a sluggish session ahead of the key Testimony from Federal Reserve Chairman Jerome Powell.
It should be noted that the improvement in the US Factor Orders for January, to -1.6% MoM versus -1.8% expected and -1.7% prior, could be considered as a catalyst behind the previous rebound in the US Treasury bond yields. That said, the cautious mood ahead of this week’s key event might have allowed the bond coupons to remain depressed.
It’s worth mentioning that softer prints of the second-tier US data, including ISM PMIs, Consumer Confidence and Durable Goods Orders joined comments from Atlantato renew concerns about the policy pivot and weighed on the DXY in the last week.
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