The index now adds to Monday’s uptick above the 102.00 mark.
Risk appetite trends remain inconclusive so far on Tuesday.
Preliminary PMIs, Richmond Fed Index next on tap.
Alternating risk appetite trends keep the price action volatile around the greenback and now motivates the USD Index (DXY) to advance further north of the 102.00 yardstick.
USD Index appears bid pre-PMIs
The index remains side-lined around the 102.00 zone against the backdrop of the equally inconclusive sentiment in the risk complex on turnaround Tuesday.
Indeed, investors’ expectations surrounding the next FOMC event on February 1 also appear unchanged and keep favouring a 25 bps interest rate hike, while speculation around a Fed’s pivot and the likelihood of a soft landing of the economy continue to run high among traders.
Later in the US calendar, all the attention will be on the preliminary prints of the Manufacturing and Services PMIs for the current month seconded by the Richmond Fed Manufacturing Index.
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