USD Index regains upside traction and targets 104.00 ahead of CPI – by pabspiovano DollarIndex Currencies Majors
Bets for a pause in the Fed’s tightening cycle remain on the rise.The greenback seems to have met some respite from the recent sharp selling pressure and approaches the 104.00 region when tracked by theAfter three consecutive daily pullbacks - including a 4-week low near 103.50 recorded on Monday - the index now manages to retarget the 104.00 zone amidst some tepid recovery in the short end of the US yields curve and the knee-jerk in the risk complex.
By the same token, the probability of a 25 bps rate hike now hover around the 75% according to FedWatch Tool from CME Group, while bets for a no-hike remain on the rise. 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.
Now, the index is advancing 0.26% at 103.89 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 .Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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