USD Index appears depressed post-Fed, breaches 101.00 – by pabspiovano DollarIndex Currencies Majors
Initial Claims, Factory Orders next of note in the docket., adds to the weekly leg lower and breaks below the 101.00 support to print new 10-month lows on Thursday.The index retreats for the third session in a row and maintains the 2-week negative streak well in place on the back of further deterioration of the price action around the dollar, especially following the FOMC event on February 1.
Both the Fed’s statement and Powell’s press conference acknowledged that inflation seems to have lost some traction albeit it remains elevated, suggesting that the ongoing increasing rates remain appropriate and opening the door to a new “normal” at 25 bps. The dollar retreats further and breaks below the 101.00 support to record new multi-month lows amidst increasing selling pressure in the wake of the FOMC event on Wednesday.in the Fed’s normalization process continues to hover around the greenback and keeps the price action around the DXY subdued for the time being. This view has been reinforced after the Fed hiked rates by 25 bps on February 1, while speculation of the terminal rate now below 5% gathered some traction as well.
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