US Dollar Index: Bears keep reins at two-week low around 108.00, US inflation in focus – by anilpanchal7 DollarIndex RiskAppetite Inflation CPI Fed
Downbeat US inflation expectations, market’s risk-on mood weigh on the greenback.US CPI is likely to ease in August but the size is a concern.
US Dollar Index prints a three-day downtrend as it retreats towards 108.00 during Tuesday’s Asian session, fading the bounce off the two-week low marked the previous day. In doing so, the greenback’s gauge versus the six major currencies seems to prepare for the all-important USAhead of the data, a fall in the US consumer inflation expectations and risk-positive news from Ukraine, as well as a light calendar, seem to favor the DXY bears.
The US Consumers saw inflation at 5.75% over the next 12 months in August, down from July’s 6.2%, as well as the lowest since October 2021, as per the New York Fed's monthly consumer expectations survey details released on Monday. Further data shared by Reuters suggest that the three-year inflation expectations marked the slowest pace since late 2020 while averaging 2.8% versus 3.2% reported in July.
Furthermore, updates that Ukraine is gaining success in pushing back the Russian military from some of its areas seem to have underpinned the market’s cautious optimism, even as the same raised the fears of Russia’s harsh retaliation. On the same line could be the hopes of more stimulus from major economies like China, the US, the UK and Europe.
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