US Dollar Index (DXY) takes offers to refresh its intraday low near 104.10 as it retreats from the highest level since June 01, marked the previous da
y, amid the market’s cautious optimism. That said, China's stimulus joins the anxiety ahead of this week’s top-tier inflation and employment data from the US to underpin the pullback moves of the Greenback’s gauge versus the six major currencies. However, hawkish remarks from Fed Chair JeromeFed’s Powell reiterated his defense for “higher for longer” rates while stating that the policy is restrictive but the Fed can’t be certain what neutral rate level is.
Further, President of the Federal Reserve Bank of Cleveland Loretta J. Mester also appeared hawkish while warning that the under-tightening would be worse than overtightening. The policymaker also added, “We are getting close to where we need to be with rates.” Additionally, Federal Reserve Bank of Philadelphia President Patrick Harker told Bloomberg that he doesn't see the need now for additional rate increases but added that he could call for more hikes if inflation retreat stalled.
It’s worth noting that the softer prints of the US Purchasing Managers Index and Michigan Consumer Sentiment Index contrasted with mixed details of Durable Goods Orders, mid-tier activity data and inflation expectations. However, hawkish comments from Federal Reserve Chairman
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