US Dollar bears on top ahead of critical events DollarIndex Currencies
The bears have pressured the greenback into bearish territories.
Last week, comments from Loretta Mester and James Bullard separately indicated that they saw a case for a 50-bps rate hike earlier this month. However, the Federal Reserve opted for a 25 bps move at the February 1 FOMC meeting. funds rate to peak just under 5.3% by July, the move in the greenback may have run its course and it is sinking at the start of the week.
There will be crucial events, however, from, the US economic calendar. The Federal Reserve's preferred measure of inflation in the Personal Consumption Expenditure deflator will be key. The market is expecting the January headline data to remain at 5.
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