USD Index regains the smile near 103.50, Fed’s meeting kicks in – by pabspiovano DollarIndex Currencies Majors Fed
Existing Home Sales will be the only release in the US docket., manages to regain some tepid upside traction and rebounds from Monday’s lows in the 103.30/25 band.The index so far reverses three consecutive daily pullbacks, including Monday’s drop to multi-week lows around 103.30, amidst some mild selling pressure in the risk complex and the flat performance in US yields across the curve.
Data wise in the US, the only release of note will come from the Existing Home Sales for the month of February.The index remains under pressure and keeps the trade well in the sub-104.00 region amidst a broad-based range bound theme in the rest of the markets. So far, reinvigorated bets of a Fed’s pivot in the short-term horizon could keep the price action around the dollar somewhat depressed. However, the still elevated inflation and the resilience of the US economy should continue to play against that view.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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