USD Index drops to 4-week lows near 103.70 – by pabspiovano DollarIndex Currencies Majors
US yields also extend the decline to multi-week lows., remains on the defensive and breaks below the 104.00 support for the first time since mid-February.The index retreats for the third session in a row and breaches the 104.00 level at the beginning of the week, as investors continue to reprice the next interest rate hike by the Federal Reserve at the March 22 meeting.
So far, the index fully fades the post-Powell steep rebound against the backdrop of reinvigorated bets of a Fed’s pivot in the short-term horizon. However, the still elevated inflation and the resilience of the US economy continue to play against that view.
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