USD Index breaches 102.00 and drops to 7-month lows – by pabspiovano DollarIndex Currencies Majors
Markets continue to adjust to the Fed’s dovish hike., remains well on the defensive and breaks below the 102.00 yardstick for the first time since early February.The last time the index retreated for six consecutive sessions was in mid-October 2021.
The lack of traction in US yields across the curve, in the meantime, accompanies the marked move lower in the index for the time being.space, usually weekly Initial Claims, New Home Sales and the Chicago Fed National Activity Index will be in the limelight later in the NA session.The index remains well under pressure and slips back to multi-week lows in the sub-102.00 region, as investors continue to digest the latest Fed’s gathering.
So far, speculation on a potential Fed’s pivot in the short-term horizon should weigh on the dollar, although the still elevated inflation, the resilience of the US economy and the hawkish narrative from Fed speakers is seen playing against that view.: Initial Jobless Claims, Chicago Fed National Activity Index, New Home Sales – Durable Goods Orders, Advanced PMIs .: Rising conviction of a soft landing of the US economy. Persistent narrative for a Fed’s tighter-for-longer stance.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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