Dollar licks wounds ahead of Fed Chair Powell’s remarks

The US dollar index, which experienced a sharp drop last week, inched up 0.03% to 105.57 and was set for a weekly gain.

Futures point to a roughly 15% chance of another hike by January, but are pricing in a 22% chance that rate cuts could come as early as March, according to the CME FedWatch tool. The US dollar index, which last week clocked its sharpest weekly fall in about four months, rose 0.03% to 105.57 and was on track for a weekly gain.

A slew of Fed policymakers on Tuesday maintained a balanced tone and said they are weighing strong economic data, some signs of a slowdown, and the impact of higher long-term bond yields as they consider if they will need to hike rates further to bring down inflation.“There’s risk we could see further US dollar strength today assuming Powell and continue to remind markets of their ‘higher for longer’ narrative,” said Simpson.

“Regardless of whether the euro zone falls into recession, we see enough growth headwinds to suggest that the European Central Bank’s monetary tightening is done.”

Source: Financial Digest (financialdigest.net)

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