US Dollar Index (DXY) remains on the back foot around 103.95 during early hours of Tuesday’s Asian session, after reversing from an 11-week high to sn
Yields, inflation expectations drop but activity data flash mixed signals to prod DXY bears.
US CB Consumer Confidence can offer intraday directions but NFP, Fed’s preferred inflation gauge are the key. That said, the downbeat US Treasury bond yields joined the weakness in the US inflation clues to weigh on the US Dollar Index the previous day, especially amid China-linked optimism. Additionally, the Fed officials’ inability to please markets with a major hawkish surprise during the annual Jackson Hole Symposium also contributed to the Greenback’s weakness.showed readiness for rate hikes while pushing back rate cut bias during his key Jackson Hole speech.
Furthermore, the US Dallas Fed Manufacturing Business Index improved to -17.2 for August versus -21.6 expected and -20.0 prior. It’s worth noting that the details of the activity gauge were mixed as the new orders and prices paid for raw materials increased but the finished goods prices eased.
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