US Dollar recovers as markets expect Fed rate hike in May – by eren_fxstreet DollarIndex Fed Macroeconomics EURUSD
Markets expect the Federal Reserve to raise its policy rate again in May. started the new week on a bullish note after having registered strong gains against its major rivals ahead of the weekend. The latest macroeconomic data releases from the United States and hawkish comments from Federal Reserve officials help the USD keep its footing.
The University of Michigan’s Consumer Confidence Index improved modestly to 63.5 in April’s flash estimate from 62 in March. "Monetary policy will need to remain tight for a substantial period and longer than markets anticipate,” Federal Reserve Governor Christopher Waller said on Friday. Waller further argued that the recent data show that the Fed hasn't made much progress on its inflation goal.
According to the CME Group’s FedWatch Tool, markets are currently pricing in a more-than-80% probability of a 25 basis points Fed rate hike in May.
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