US Dollar Index: Fed policy pivot chatters weigh on DXY near 101.50, inflation clues eyed – by anilpanchal7 DollarIndex Fed Inflation RiskAppetite YieldCurve
Lack of major positive surprises from US inflation, unimpressive FOMC Minutes weigh on DXY.US PPI, Michigan Consumer Sentiment Index and inflation expectations eyed for further directions.Index seesaw around a one-week low as it makes rounds to 101.50 during early Thursday, after falling the most since late March the previous day. In doing so, the greenback’s gauge versus the six major currencies seeks fresh clues to defend bears as most top-tier data/events from the US are out and loud.
Further, Minutes of the latest Federal Open Market Committee Monetary Policy Meeting signaled that the expectations for rate hikes were scaled back due to the turmoil in the banking sector, which in turn offered no fresh information and raised doubts on the hawkish Fed moves, apart from May’s 0.25% rate hike.
Not only the US inflation and Fed Minutes, but comments from some of the Federal Reserve Officials also suggest easing inflation and the need for a halt to the rate hike trajectory, which in turn weighs on the US Treasury bond yields and the US Dollar Index.
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