US Dollar continues its decline as China speeds up stimulus DollarIndex Macroeconomics UnitedStates SEO
of China latest decision which is stepping up its stimulus and rescue packages for the construction sector. The support is being applauded in the region and has pushed Chinesecalendar no real big events that could trigger a sudden turnaround in the tone for the US Dollar. The National Federation of Independent Business is to issue its Optimism Index for June at 10:00 GMT, which is expected to remain elevated at 89.9.
A similar index as the NFIB, but this time from the Economic Optimism Index from the TechnoMetrica Institute of Policy and Politics , will be published at 14:00 GMT. Consensus here points to a jump as well from 41.7 previous to 45.3. The CME Group FedWatch Tool shows that markets are pricing in a 92.4% chance of a 25 basis points interest-rate hike on July 26. Chances of a second hike in November are down to 26.7%. It appears that markets are pricing out again the possibility of a second rate hike and presume that the Fed will hike in July for the last time. Markets expect US Fed Chairman Jerome Powell to announce that the pivotal level has been reached at the yearly Jackson-Hole Symposium between August 24 and 26 in Kansas.
On the downside, the only thing in the way to stop the DXY from hitting 101.00 is the psychological handle at 101.50. Once that level is breached, not many relevant levels to look for as it will become a quick decline to 101.00 and start testing the lows of May. Special notice for 100.75 as that level is a floor since February 2nd and could open the door for a slide below 100.00 one broken through it.
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