FUNDAMENTAL DXY OUTLOOK FOR THE WEEK.
Dollar Slightly Lower on Strength in Stocks
The dollar index (DXY00) on Friday fell by -0.04%. The dollar moved slightly lower Friday after the U.S. Bureau of Labor Statistics kept the U.S. Q4 core CPI unrevised at 3.3% y/y, a dovish factor for Fed policy. Also, Friday’s rally in the S&P 500 to a new record high reduced the liquidity demand for the dollar. Higher T-note yields on Friday and hawkish Fed comments limited losses in the dollar.The U.S. Bureau of Labor Statistics kept the U.S. Q4 core CPI unrevised at a 3.3% annualized increase.Fed comments on Friday were slightly hawkish and supportive of the dollar. Dallas Fed President Logan said she sees "no urgency to make any additional adjustments to interest rates at this time while we get a better understanding and build our confidence whether the progress that we've seen in inflation will be sustained over the medium run." Also, Atlanta Fed President Bostic said the Fed must "stay the course" to ensure inflation returns to its 2% target.The markets are discounting the chances for a -25 bp rate cut at 19% for the March 19-20 FOMC meeting and at 73% for the following meeting on April 30-May 1.
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