The Greenback lost further ground and dropped to multi-week lows on the back of rising expectations of interest rate cuts by the Fed, a view that was further reinforced by lower US CPI data in April The Greenback remained on the back foot and dragged the USD Index (DXY) to the 104.00 zone amidst an equally downward move in US yields.
The Greenback lost further ground and dropped to multi-week lows on the back of rising expectations of interest rate cuts by the Fed , a view that was further reinforced by lower US CPI data in April The Greenback remained on the back foot and dragged the USD Index to the 104.00 zone amidst an equally downward move in US yields. Weekly Mortgage Applications, Existing Home Sales and FOMC Minutes are all due on May 22.
USD/JPY traded in a choppy fashion, eventually ending the week with marginal losses around 155.50. The Tertiary Industry Index is due on May 20 ahead of the Reuters Tankan Index, Balance of Trade and Machinery Orders all expected on May 22. On May 23, there will be the weekly Foreign Bond Investment and flash Jibun Bank Manufacturing and Services PMIs. The Inflation Rate will close the week on May 24.
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