The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, edges lower during the Asian session on Friday and erodes a part
The US Dollar struggles to capitalize on the overnight US CPI-inspired gains to the weekly high. The uncertainty over the Fed’s rate-hike path is seen as a key factor capping gains for the buck. The fundamental backdrop still supports prospects for the emergence of some USD dip-buying. of the previous day's US CPI-inspired strong gains to the weekly high. The downside, however, seems cushioned in the wake of reviving bets for further policy tightening by the Federal Reserve .
This, in turn, suggests that the US central bank will have to keep rates higher for longer. This led to the overnight sharp rise in the US bond yields and should continue to act as a tailwind for the US Dollar , warranting some caution for bearish traders. The recent dovish comments from other Fed officials, meanwhile, raise the uncertainty over the future rate-hike path and put a lid on the US bond yields, which is undermining the buck.
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