USD Index: Price action remains inconclusive below 104.00 ahead of data – by pabspiovano DollarIndex Currencies Majors
US yields remain mixed following the recent shar pullback.advances marginally and hovers around the 103.70/80 band ahead of the opening bell in the euro area.The index keeps the inconclusive trade in the lower end of the weekly range south of 104.00 the figure amidst some tepid recovery in yields in the short end of the curve amidst firmer bets of a 25 bps rate hike by the Fed at the March 22 event.
In the meantime, investors remain cautious and continue to closely follow the aftermath of the SVB collapse and its potential effects on the Fed’s decision on interest rates next week. The latest results from the US jobs report coupled with the ongoing effervescence around the US banking system threat the greenback and collaborate with investors’ view of a 25 bps rate hike at the March gathering, all sponsoring the corrective decline in the USD Index from last week’s 2023 highs in the boundaries of the 106.00 region to Monday’s 103.50 zone.
: Rising conviction of a soft landing of the US economy. Persistent narrative for a Fed’s tighter-for-longer stance. Terminal rates near 5.5%? Fed’s pivot. Geopolitical effervescence vs. Russia and China. US-China trade conflict.Now, the index is advancing 0.05% at 103.73 and faces the next hurdle at 105.88 seconded by 106.63 and then 107.19 . On the flip side, the breakdown of 103.48 would open the door to 102.58 and finally 100.82 .
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