- The index reclaims part of the ground lost on Monday.
- Investors’ attention remains on the release of US inflation figures.
- The NFIB Index, API report are next on tap in the US docket.
The greenback, when measured by the USD Index (DXY), manages to pick up some traction and regains the 104.70/80 band on turnaround Tuesday.
- The index reclaims part of the ground lost on Monday.
- Investors’ attention remains on the release of US inflation figures.
- The NFIB Index, API report are next on tap in the US docket.
The greenback, when measured by the USD Index (DXY), manages to pick up some traction and regains the 104.70/80 band on turnaround Tuesday.
USD Index looks bid ahead of key data
The index resumes the upside following the negative start of the week amidst some selling pressure in the risk complex, lack of direction in US yields and prudence ahead of the publication of US inflation figures on September 13.
Looking at the more macro scenario, markets continue to see the Fed’s July rate hike as the last one of the current hiking cycle, while interest rate cuts are seen commencing at some point in Q2 2024.
Later in the session, the only release in the US data space will be the NFIB Business Optimism Index ahead of the API’s weekly report on US crude oil inventories for the week ended on September 8.
The index resumes the upside following the negative start of the week amidst some selling pressure in the risk complex, lack of direction in US yields and prudence ahead of the publication of US inflation figures on September 13.
Looking at the more macro scenario, markets continue to see the Fed’s July rate hike as the last one of the current hiking cycle, while interest rate cuts are seen commencing at some point in Q2 2024.
Later in the session, the only release in the US data space will be the NFIB Business Optimism Index ahead of the API’s weekly report on US crude oil inventories for the week ended on September 8.
What to look for around USD
The index rebounds from Monday’s four-day lows near 104.40 and seems to have refocused its attention to the 105.00 zone for the time being.
In the meantime, support for the dollar keeps coming from the good health of the US economy, despite the narrative around the tighter-for-longer stance from the Federal Reserve now looks somewhat diminished amidst the current backdrop of persistent disinflation and cooling of the labour market.
Key events in the US this week: MBA Mortgage Applications, Inflation Rate, Monthly Budget Statement (Wednesday) – Initial Jobless Claims, Producer Prices, Business Inventories (Thursday) – Industrial Production, Advanced Michigan Consumer Sentiment (Friday).
The index rebounds from Monday’s four-day lows near 104.40 and seems to have refocused its attention to the 105.00 zone for the time being.
In the meantime, support for the dollar keeps coming from the good health of the US economy, despite the narrative around the tighter-for-longer stance from the Federal Reserve now looks somewhat diminished amidst the current backdrop of persistent disinflation and cooling of the labour market.
Key events in the US this week: MBA Mortgage Applications, Inflation Rate, Monthly Budget Statement (Wednesday) – Initial Jobless Claims, Producer Prices, Business Inventories (Thursday) – Industrial Production, Advanced Michigan Consumer Sentiment (Friday).
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