US Dollar Index rebounds near 108.50, focus on US Core PCE Inflation, Fed’s Powell – by anilpanchal7 DollarIndex RiskAppetite Fed Recession Inflation
Shift in market’s mood adds filters to the trading momentum.Fed’s preferred inflation gauge, Powell’s speech at the Jackson Hole will be crucial for fresh impulse.
US Dollar Index consolidates the recent losses around the mid-108.00s as traders brace for the week’s key data/events during Friday’s Asian session. Also helping the greenback’s gauge versus the six major currencies are the headlines surrounding China and Iran, as well as a light calendar ahead of the all-important US session.
With the US suspending 26 Chinese carrier flights in response to China's action, per Reuters, the Sino-American tension renews and underpins the US dollar’s safe-haven demand. On the same line could be Taiwan’s increased military budget and a jump in the number of US diplomats visiting Taipei.
It should be observed that China’s near one trillion stimulus and mildly firmer US data, as well as Fedspeak, favored the DXY sellers. Also, a holistic approach by the domestic institutions to safeguard the world’s second-largest economy renewed market optimism earlier.. Talking about the data, the second estimate of the US Gross Domestic Product Annualized improved to -0.6% in the second quarter versus -0.9% flash estimations and -0.8% market forecasts.
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