US Dollar testing key support after FOMC minutes DollarIndex Fed Currencies CPI
US Dollar bears are in the market and eye a break of temporary support. is being pressured on Wednesday following the Consumer Price Index that increased in March at a slower-than-expected pace and minute from the FOMC´s March 21-22 meeting whereby the rate hike was widely viewed as dovish. DXY has dropped from a high of 102.15 to a low of 101.449 on the day so far.
The FOMC minutes showed that the staff at the Committee are forecasting a mild recession later in 2023 but also noted that wage growth was still well-above rates consistent with the 2% inflation target. "Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years.
"In assessing the economic outlook, participants noted that since they met in February, data on inflation, employment, and economic activity generally came in stronger than expected.
But the core measure came in hot. This measure strips out volatile food and energy prices and was posting a month-on-month gain of 0.4%, and 5.6% on an annual basis, 10 basis points hotter than the February print.
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