The US Dollar continued its meteoric climb vs the GBP, EUR and JPY today. The strength comes ahead of the anticipated June US CPI which should provide more justification for the Fed to raise rates by 75-bps.
The US Dollar's push to fresh yearly highs comes ahead of the widely anticipated June US CPI report, which should provide more justification for the Federal Reserve to raise rates by 75-bps later this month.
Fed funds futures suggest that there are 175-bps worth of rate hikes due between now and the end of 2022 – at least until the US inflation rate report on Wednesday –/JPY rates are breaking out higher. The Yen remains particularly vulnerable, having been unable to catch a bid despite the recent pullback in energy prices and global bond yields.The DXY Index continues to trade higher after breaking out of the high/low range carved out around.
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