US Dollar on edge amid banking woes, debt ceiling uncertainty – by eren_fxstreet DollarIndex UnitedStates Macroeconomics Technical Analysis
Although there will not be any high-tier macroeconomic data releases from the United States ahead of the weekend, market participants will keep a close eye on headlines surrounding the banking crisis and the debt ceiling. Nevertheless, the US Dollar remains on track to register its best weekly performance since mid-March.
Commenting on the Federal Reserve's policy outlook, "inflation is coming down, but so far it's been pretty darn persistent, that means we are going to have to keep at it for an extended period of time," said Minneapolis Federal Reserve President Neel Kashkari. The Core CPI inflation, which excludes volatile food and energy prices, edged lower to 5.5% in April from 5.6% in March as expected. On a monthly basis, the CPI and the Core CPI rose 0.4%, matching analysts' estimates.
Commenting on the US inflation report, "the CPI report comes on top of the Nonfarm Payrolls figures released less than a week ago, and together there is a compelling case for pausing," said FXStreet Analyst Yohay Elam. "Investors already see a growing chance of rate cuts, and that weighs on the Greenback."
Earlier in the week, the Fed noted in its Loan Officer Survey for the first quarter that respondents reported tighter standards and weaker demand for commercial and industrial loans to large and middle-market firms. "Banks reported tighter standards and weaker demand for all commercial real estate loan categories," the publication further read.
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