USD Index keeps the bid bias above 102.00 so far – by pabspiovano DollarIndex Currencies Majors
US yields correct lower across the curve on Tuesday., which gauges the greenback vs. a bundle of its main rival currencies, extends the optimism seen at the beginning of the week and maintains the trade above the 102.00 mark for the time being.The index keeps the optimism well in place following the auspicious start of the week, always trading above the 102.00 hurdle and despite the now loss of momentum in US yields across different maturities.
The release of the US CPI for the month of July has grown in importance since Chief Powell emphasized the data-dependent stance from the Federal Reserve when it comes to decision on futures moves on interest rates. So far, the pronounced rally in DXY seems to have met a tough initial resistance near 102.80, while the dollar could face extra headwinds in response to the data-dependent stance from the Fed against the current backdrop of persistent disinflation and cooling of the labour market.
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