USD Index extends the upside near 104.60, looks at PCE – by pabspiovano DollarIndex Currencies Majors Inflation
US yields recede further ahead of key US data., looks to extend the weekly advance well north of the 104.00 barrier at the end of the week.The index advances for the fourth consecutive session amidst the continuation of the weekly recovery in levels last seen back in early January.
So far, CME Group’s FedWatch Tool sees the probability of a 25 bps rate hike at nearly 72%, while the terminal rate is seen beyond the key 5.0% level. The dollar remains bid north of the 104.00 barrier amidst the generalized lack of traction in the risk complex and rising cautiousness prior to key releases in the US docket.
The loss of traction in wage inflation – as per the latest US jobs report - however, seems to lend some support to the view that the Fed’s tightening cycle have started to impact on the still robust US labour markets somewhat.: PCE, Core PCE, Personal Income/Spending, Final Michigan Consumer Sentiment, New Home Sales .: Rising conviction of a soft landing of the US economy. Slower pace of interest rate hikes by the Federal Reserve vs. shrinking odds for a recession in the next months.
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