USD Index appears offered around 102.00 ahead of US CPI, FOMC Minutes – by pabspiovano DollarIndex Currencies Majors
Bets on a 25 bps rate raise by the Fed in May remain on the rise., adds to Tuesday’s losses and keeps the trade around the 102.00 neighbourhood on Wednesday.The index remains under pressure and continues to fade Monday’s uptick, this time putting the 102.00 zone to the test ahead of the publication of key US inflation figures for the month of March due later in the NA session.
Other than the release of the inflation readings, investors will closely follow the publication of the FOMC Minutes of the March meeting, while MBA Mortgage Applications will also complete the calendar on Wednesday.Price action around the index shows some weakness and forces the dollar to retreat to the 102.00 zone on Wednesday, all in response to the rejection from Monday’s tops near 102.80.
: Persistent debate over a soft/hard landing of the US economy. Terminal Interest rate near the peak vs. speculation of rate cuts in 2024. Fed’s pivot. Geopolitical effervescence vs. Russia and China. US-China trade conflict.Now, the index is retreating 0.09% at 102.04 and the breach of 101.43 would open the door to 100.82 and finally 100.00 . On the other hand, the next resistance level emerges at 103.05 seconded by 103.67 and then 105.11 .
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