The US dollar is not giving up without a fight, gaining for the second day in a row against a basket of major currencies. Buyers seized the initiative after the Dollar touched the lower bound of its uptrend, which coincided with the 200-day moving average. From the current level of 104.
The US dollar is not giving up without a fight, gaining for the second day in a row against a basket of major currencies. Buyers seized the initiative after the Dollar touched the lower bound of its uptrend, which coincided with the 200-day moving average.
Earlier in the week, the American currency’s sharp decline followed weak CPI, causing markets to return to pricing 100% probability of two rate cuts for this year. However, the dollar has already been adding to its gains on Thursday and since the start of the day on Friday. Traders are probably taking note that leading indicators of inflation exceeded expectations.
The import price index, released on Thursday, is also not expected to ease inflationary pressures. It added 0.9% last month and 2.8% for the 4-month cumulative, although the annual inflation rate is still not frightening at 1.1%.
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