Investing.com - The U.S. dollar steadied in European trade Thursday, after dropping to multi-week lows overnight in the wake of a milder U.S. inflation report, which brought Fed rate cuts back into focus.
The data also resulted in U.S. Treasury yields sinking to six-week troughs, as traders reassessed the likely path of the Fed’s monetary policy. There are a number of Fed speakers due to opine later in the session, but it’s likely investors will need concrete evidence if rate cut expectations are to be changed drastically from now.
“The 1.0900 level should not be a very strong resistance if U.S. data – for example, jobless claims today – adds pressure on the dollar. However, a move to the 1.1000 benchmark levels seems premature given the still sticky inflation picture in the U.S.,” ING said.fell 0.1% to 1.2675, with sterling handing back some of the previous session’s gains when it climbed above 1.27 for the first time since April 10.
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