Forex Today: Dollar just threatens to rebound ahe – by MSalordFX DollarIndex Currencies Majors Inflation
, which will offer critical data ahead of Wednesday's FOMC decision.Stocks opened the week in a positive mode ahead of key data and events. Markets appear to be cheering at the possibility of the Federal Reserve ending its rate hike cycle. Incoming economic data will be crucial. The Dow Jones gained 0.56% and the Nasdaq climbed 1.53%. US Treasury yields pulled back during the American session and ended the day modestly lower.
The Federal Reserve begins its two-day meeting on Tuesday. On Wednesday, the central bank is expected to hit the pause button; however, some analysts warn that another 25 basis points seem possible. The key report on Tuesday will be the US Consumer Price Index , which is expected to have risen 0.2% in May and 4.1% from a year ago, down from 4.9%; the Core CPI is seen advancing 0.4% in the month and 5.3% from a year ago, compared to the 5.5% of the previous month.
rose marginally on Monday, ending above 103.50. It is moving without a clear direction, still above the 103.30 support.hit fresh weekly highs but then pulled back, settling around 1.0750. The pair is moving sideways, awaiting fresh data and ahead of the European Central Bank meeting on Thursday. On Tuesday, Germany and Spain will report the final reading of the Consumer Price Index for May, which should not show surprises. The German and Eurozone June ZEW Survey are also due.
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