US Dollar Index slides towards 102.00 despite hawkish Fed talks, focus on inflation – by anilpanchal7 DollarIndex Fed RiskAversion YieldCurve Inflation
Market’s optimism about banking sector, less confidence in the Fed’s further rate hike capacity weigh on DXY. prods weekly low around 102.20 as the greenback bears ignore hawkish Federal Reserve rhetoric amid a risk-on mood during early Friday. In doing so, the greenback’s gauge versus the six major currencies prepares for the third consecutive weekly loss.joins three other Fed Officials to back further rate hikes on Thursday, citing the need to tame the inflation woes.
Following her was Minneapolis Fed President Neel Kashkari who said, “We have to bring down inflation.” On the same line was Richmond Fed President Thomas Barkin saying that if inflation persists, we can react by raisingNot only the rate concerns but the hopes of a secured banking system also favored the sentiment and exerted downside pressure on the DXY, especially amid mixed US data. That said, final readings of the US fourth quarter Gross Domestic Product , also known as the Real GDP, marked an easy Annualized growth number of 2.6% versus 2.7% previous forecasts.
Meanwhile, fears emanating from China, Russia and North Korea allow the DXY bears to take a breather. China's Taiwan Affairs Office threatened retaliation over Taiwan President Tsai Ing-wen's visit to the US on Wednesday. Additionally, China's Premier Li Qiang recently said that the economic situation in March is even better than in January and February.
Harmonised Index of Consumer Prices for March and the Fed’s favorite inflation gauge, namely the Core Personal Consumption Expenditure Price Index for February, to direct DXY moves.US Dollar Index grinds lower within a descending triangle formation, currently between 101.80 and 102.60.
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