USD Index appears bid near 101.50 ahead of PPI, weekly Claims – by pabspiovano DollarIndex Currencies Majors
Bets on a Fed’s pause in June continue to rise., picks up mild upside traction and revisits the 101.50 region on Thursday.The index maintains its weekly consolidative mood well in place in the lower end of the range and with solid support around the 101.00 zone for the time being.in the Fed’s tightening cycle as soon as at the June 14 meeting. On this, CME Group’s FedWatch Tool sees the probability of such scenario at nearly 94%.
Later in the US data space, the inflation will remain in the centre of the debate in light of the release of Producer Prices for the month of April seconded by usual weekly Claims and the speech by FOMC’s C. Waller .The index keeps the trade around the 101.50 zone against the backdrop of the broad-based absence of direction in the global markets.
: Persistent debate over a soft/hard landing of the US economy. Terminal Interest rate near the peak vs. speculation of rate cuts in 2024. Fed’s pivot. Geopolitical effervescence vs. Russia and China. US-China trade conflict.Now, the index is up 0.03% at 101.44 and the break above 101.83 would open the door to 102.40 and then 102.80 . On the other hand, initial contention emerges at 101.01 prior to 100.78 and finally 100.00 .
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