US Dollar Index retreats towards 103.00 as Fed hawks seek assurance from US inflation – by anilpanchal7 DollarIndex Inflation Fed RiskAppetite Currencies
imism. In addition to the market’s mildly positive sentiment, the greenback’s gauge also declines as the DXY traders brace for the Consumer Price Index for January amid mixed clues.
That said, the risk profile was mostly upbeat on Monday, after a downbeat start, as fears surrounding the unidentified flying objects near theand China, one of which was recently confirmed as like a metal ball, eased afterward on comments from the US General. That said, the US military authority turned down the fears while rejecting calls to believe that those flying objects were from China.
Even so, hawkish comments from the Fed policymakers and a lack of major positive headlines weigh on the. On Monday, Fed Governor Michelle Bowman said that the Federal Reserve will need to continue to raise interest rates in order to get them to a level high enough to bring inflation back down to the central bank's target rate, per Reuters. Before him, Philadelphia Federal Reserve President Patrick Harker pushed back the chatters of a Fed rate cut during 2023.
Against this backdrop, Wall Street closed on the positive side while the US Treasury bond yields retreat after multiple days of run-up. Moving ahead, the US CPI data for January appears the key as the recent Federal Reserve comments appear light when suggesting more rate hikes. Also, the Fed policy pivot talks aren’t far from the table and hence any disappointment from the US inflation numbers won’t hesitate to drown the DXY.
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