US Dollar Index: DXY grinds near mid-103.00s as markets await US inflation, Fed – by anilpanchal7 DollarIndex Fed Inflation RiskAppetite SwingTrading
utive weeks. It’s worth noting that a light calendar and reassessment of the Fed bets also put a floor under the greenback’s gauge versus six major currencies even if bears remain hopeful of late.
Although the recent US statistics have been favoring a halt in the Federal Reserve’s rate hike trajectory, as seen from the market’s bets on the Fed’s rate hike in June, the inflation woes remain on the table to keep the Fed hawk hopeful. As a result, Tuesday’s US Consumer for May, expected to ease to 4.2% YoY from 4.9% prior, becomes crucial and allows the DXY traders to lick their wounds ahead of the outcome.
With this in mind, Analysts at ANZ said, “US May CPI data will be published just ahead of the FOMC decision and that is adding some uncertainty to the immediate call – a strong core print could force the FOMC’s hand. The median market estimate expects that core inflation rose 0.4% m/m with the headline rate rising 0.2% owing to weaker energy costs.”
It should be noted that the downbeat prints of the US activity numbers for May joined disappointing employment clues to weigh on the US Dollar.
Moving on, a thin macro line may challenge momentum traders but concerns about the US inflation and Fed can direct the DXY.A sustained downside break of the 21-DMA, around 103.65 by the press time, directs US Dollar Index to the 100-DMA support of around 103.05.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How to interpret Environment Canada's Air Quality Health Index ratingsEnvironment Canada has been advising people to check the Air Quality Health Index as wildfire smoke blanketed large swaths of Canada in recent days. Even…
Read more »
What is the Air Quality Index?'What's your AQI?'
Read more »
Weekly Forex Forecast \u2013 NASDAQ 100 Index, USD/JPY, GBP/USDThe difference between success and failure in Forex / CFD trading is highly likely to depend mostly upon which assets you choose to trade each week and in which
Read more »
iHeartMedia Leads Music Stocks’ Gains for Second Straight WeekThe Billboard Global Music Index improved 1.8% this week — up 8.8% so far this year.
Read more »
TrueUSD (TUSD) Stablecoin Briefly Loses Dollar Peg After This Announcement: DetailsBinance backed TUSD stablecoin briefly depegs after this news tusdio TrueUSD $TUSD TUSD
Read more »
Dollar slice dead as 99-cent pizza shop hikes price to $1.50 months after openingAn East Village pizzeria that hoped to fill the void left by 99-cent competitors that caved into soaring inflation has hiked its slice price to $1.50 — just two months after opening.
Read more »