US Dollar Index struggles to defend 103.00 as traders brace for Fed, NFP By anilpanchal7 DollarIndex RiskAppetite Fed NFP YieldCurve
bond moves and mildly bid stock futures favor sellers amid a sluggish session. That said, the DXY drops 0.10% intraday to 103.10 by the press time.
The greenback gauge’s latest weakness could be linked to the absence of Japanese traders, which in turn restrict bond moves. Also challenging the DXY bulls are the cautious sentiment ahead of this week’s key Fed meeting and the monthly US employment data. With the Fed’s 0.50% rate hike seems mostly priced in, anxiety over the balance sheet normalization and a likely cautious stand of the Fed policymakers during Wednesday’s meeting seem to favor the DXY’s pullback. In doing so, the USD bulls also pay a little attention to the recently firmer US data and downbeatThat said, the S&P 500 Futures print mild gains for the day, which in turn allow DXY to extend the previous day’s weakness amid a sluggish session.
Moving, US ISM Manufacturing PMI for April, expected at 58.0 versus 57.1 prior, will decorate today’s calendar and can entertain DXY traders. However, major attention will be given to Wednesday’s Fed verdict and Friday’s US. Should the Fed disappoint markets, the odds of witnessing further downside of the DXY can’t be ruled out.
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