Forex Today: US Dollar holds firm despite improving risk appetite – by MSalordFX DollarIndex Currencies Majors Inflation EURUSD
The US Dollar Index rose for the second consecutive week despite improving market sentiment. The debt ceiling drama is set to continue as the deadline approaches, and although there are hopes for a deal, it has not been reached yet. The banking sector remains in the spotlight, particularly after Treasury Secretary Yellen's comments on Friday. Next week, the market will get a glimpse of the performance of the global economy with the preliminary May PMI that will likely weigh on sentiment.
Treasury yields rose sharply during the week, reaching monthly highs. Market participants pared back their bets on Federal Reserve rate cuts. On Wednesday, the Fed will release the minutes of its latest Federal Open Market Committee meeting. The key report in the US will be on Friday with the Core Personal Consumption Expenditures Price Index. This inflation indicator will be crucial ahead of the next Fed meeting and critical for markets.
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