US Dollar Index: DXY fades recovery below 104.00 on downbeat Fed bets, US inflation eyed – by anilpanchal7 DollarIndex Fed Inflation RiskAversion China
hat said, the greenback’s gauge versus the six major currencies rose in the last two consecutive days amid the market’s positioning for the Federal Reserve’s pause to the rate hike trajectory. However, the recently mixed concerns about the US central bank’s future moves join the challenges to the sentiment to prod the DXY buyers ahead of an important data point for the markets.
Talking about the latest challenges to sentiment, a trade dispute is developing after the US expands its ban on imports from Xinjiang. China vows to protect China firms against any US sanctions, per Reuters.
Elsewhere, global institutions like the International Monetary Fund and the Organisation for Economic Co-operation and Development earlier flagged concerns about the global economic challenges emanating from higher interestAdditionally, the increase in the bets favoring the Federal Reserve’s 0.25% rate hike in July also prod optimism and put a floor under the US Dollar Index.
That said, challenges for the US central bank and grim concerns about the same also prod the US Dollar. Former Fed vice chair Richard Clarida came out with comments that it may be more difficult to get inflation near 2% than in the past 15 years.
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