The sell-off in the dollar accelerates post-US CPI., which tracks the greenback vs. a basket of its main rival currencies, remains well on the defensive and tests fresh lows in the 100.30 region.The index so far retreats for the sixth consecutive session on Thursday and trades closer to the psychological support at 100.00 on the back of the persistent sell-off in the dollar, diminishing US yields across the curve and the generalized upbeat tone in the risk-linked galaxy.
In addition, the release of the Fed’s Beige Book appears to prop up the above, as it was noted that employment had increased modestly since late May and labour demand had remained healthy during the survey period. It was also reported that prices had increased at a modest pace overall, and several districts had observed some slowing in the pace of increase.
Meanwhile, the likelihood of another 25 bps hike at the Fed's upcoming meeting in July remains high and supported by the still tight US labour market and despite the persevering disinflationary pressures. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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