US Dollar Index stays pressured around monthly low under 96.00 amid firmer yields, covid woes By anilpanchal7 DollarIndex RiskAppetite YieldCurve Coronavirus Fed
US 7-year bond auction, Fed rate-hike concerns joined downbeat US data to favor bears of late.US Jobless Claims, Chicago PMI eyed, risk catalyst are the key.
The greenback gauge dropped the most in over a week after a jump in the US Treasury yields joined downbeat US data. However, escalating fears of the South African covid variant, namely Omicron, seems to challenge the DXY bears of late. That said, the US 10-year Treasury yields stay firmer around the monthly top near 1.55% by the press time while S&P 500 Futures print mild losses at the latest.
It should be noted, however, that a sustained increase in the coronavirus cases globally and the policymakers’ rejection to introduce heavy lockdown measures probe the greenback bears. ON the same line are escalating odds of the Fed’s sooner rate-hike in 2022. A jump in the US inflation expectations, as portrayed by 10-Year Breakeven Inflation Rate numbers from the Federal Reserve Bank of St. Louis back the Fed rate-hike woes. The inflation gauge refreshed the monthly top to 2.53% at the latest.
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