US Dollar Index grinds near 104.00 amid US holiday, Fed Minutes, US GDP eyed – by anilpanchal7 DollarIndex RiskAppetite Fed GDP China
Hawkish Fed bias, geopolitical fears underpin the US Dollar amid sluggish session.US Dollar Index picks up bids to regain 104.00, after the previous day’s reversal from a 1.5-month high, as market players struggle for clear directions during early Monday. In doing so, the greenback’s gauge versus the six major currencies cheers the market’s risk-off mood, as well as the hawkish bias for the Federal Reserve , amid an inactive week-start due to the holidays in the US and Canada.
During the weekend, North Korea fired two ballistic missiles toward Japan and renewed the fears that the hermit kingdom is up to something serious that can endanger the global economy, mainly due to the nature of the missiles fired as they both were termed as tactical nuclear attack weapons. As per the latest Federal Reserve talks, Fed Governor Michelle Bowman said, “We are seeing a lot of inconsistent data in economic conditions,” as reported by Reuters. On the contrary, Richmond President Thomas Barkin said that they are seeing some progress on inflation with demand normalizing, as reported by Reuters.
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