US Dollar Index reached a two-year-high at 101.331 on Fed policymakers comments By christianborjon DollarIndex UnitedStates Fed Macroeconomics Technical Analysis
Factors like Fed speaking throughout the week increased the appetite for the buck. Additionally, rising US Treasury yields underpinned the greenback, as the 10-year US Treasury yield, the benchmark note, finished at 2.903%, in the week won 2.69%.On Thursday, Fed Chair Jerome Powell blessed a half-point interest rate increase by the May 4-5 meeting. Meanwhile, money market futures have fully priced in a 0.50% hike to the Federal Fund Rate, which would lift it to 1%.
Later on Friday and the last Fed speaker before the May meeting blackout, Cleveland’s Fed President Loretta Mester commented that she would like to get neutral to 2.5% by the end of the year. When asked about 75-bps increases, Mester added that “we don’t need to go there at this point.” Furthermore, she supported a 50-bps increase in May and a few more after.
Elsewhere, St. Louis Fed President James Bullard admitted that the Fed is behind the curve but not as everybody thinks, while adding that the Fed has hiked 75 bps before without the world coming to an end. San Francisco Fed President Mary Daly noted that the Fed “will likely” raise rates by 50 bps at a couple of meetings. However, according to Yahoo Finance Interview, she is open to deliberating what size of increases are needed. Daly reiterated that the Fed needs to take a measured pace on rate hikes and get rates up to 2.5% by the end of the year.
“However, recent data has pointed to a renewed uptick in activity and we expect to see stronger GDP growth for the second quarter. Durable goods orders should also be healthy based on regional manufacturing data, the ISM report, and higher Boeing aircraft orders. That said, we anticipate a bit more weakness in the housing data as surging mortgageUS Dollar Index Price Forecast : Technical outlook
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