The US Dollar (USD) trades nearly flat in Wednesday’s European session and holds above the 105.00 level ahead of two key economic events: the US Consumer Price Index (CPI) release for May and the US Federal Reserve (Fed) interest rate decision.
The US Dollar trades mixed on Wednesday, nearly flat against its most major peers. Traders are on edge over upcoming US CPI release for May and the Fed interest rate decision. The US Dollar index trades comfortably above 105.00 and is set to face some volatility. The US Dollar trades nearly flat in Wednesday’s European session and holds above the 105.00 level ahead of two key economic events: the US Consumer Price Index release for May and the US Federal Reserve interest rate decision.
That would be if the disinflation is still on track with CPI coming in softer than expected, being contradicted later on with the Fed rate decision where Fed Chairman Jerome Powell could turn hawkish and say that the Fed will need to stay steady for longer in order to really get inflation where they want it to be. On the upside, there are some technical or pivotal levels to watch out for. The first is 105.52, a level that held support during most of April. The next level to watch is 105.
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