USD Index comes under pressure near 101.40, looks at data, Fed – by pabspiovano DollarIndex Currencies Majors Fed
The Fed starts its 2-day meeting later on Tuesday., faces some selling pressure after hitting new multi-session peaks in the 101.40/45 band on turnaround Tuesday.The index now surrenders part of its recent 5-day advance to the 101.40 region on the back of some improvement in the sentiment surrounding the risk complex as well as steady cautiousness prior to the FOMC event on Wednesday.
In the US fixed income space, yields trade on the defensive in the short end and the belly of the curve vs. small gains in the long end. In the near term, there are no changes to the perception that the Fed would resume its tightening process later in the month despite persistent disinflationary pressures and the still tight labour market.
– Durable Goods Orders, Advanced Q2 GDP Growth Rate, Initial Jobless Claims, Flash Goods Trade Balance, Pending Home Sales – PCE, Core PCE, Personal Income, Personal Spending, Final Michigan Consumer Sentiment .: Persistent debate over a soft/hard landing of the US economy. Terminal Interest rate near the peak vs. speculation of rate cuts in late 2023/early 2024. Geopolitical effervescence vs. Russia and China. US-China trade conflict.Now, the index is down 0.10% at 101.
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