A modest weekly retracement saw the Greenback reverse two consecutive advances, motivating the USD Index (DXY) to retreat further from yearly peaks at around 106.50 recorded earlier in the month.
The USD Index traded with a gradual downside bias this week. The likelihood of a potential rate cut by the Fed in September lost some traction. US inflation gauged by the PCE rose above estimates in March. Markets’ attention now shifts to the FOMC event and the NFP . A modest weekly retracement saw the Greenback reverse two consecutive advances, motivating the USD Index to retreat further from yearly peaks at around 106.50 recorded earlier in the month.
That said, Atlanta Federal Reserve Bank President Raphael Bostic suggested a potential move by year-end. His colleague from the New York Fed, John Williams, emphasized the positive economic data and the need for rate adjustments based on the data, while FOMC Governor Michelle Bowman expressed uncertainty about whether interest rates are sufficiently high to address inflation concerns.
Fed NFP Recommended Employment
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