US Dollar Index looks strong and breaks above 101.00 By pabspiovano DollarIndex Currencies Majors
Flash April PMIs will be the salient event later in the session., extends the bounce in the second half of the week and flirts with the key 101.00 mark on Friday.The index is up for the second session in a row and already tests the boundaries of the 101.00 hurdle at the end of the week in a context dominated by renewed weakness in the risk complex, higher US yields and increasing geopolitical tensions.
The dollar saw its buying interest reinvigorated following the speech by Chair Powell at the IMF event on Thursday, when he practically confirmed a 50 bps rate hike at the May gathering. This view has been also underpinned by other members of the FOMC in past sessions. In the US docket, the preliminary figures for the Manufacturing and Services PMIs will be the only publications of note later in the NA session.The dollar faces renewed buying interest and challenges the 2022 highs past the 101.00 barrier. So far, the greenback’s price action continues to be dictated by the likeliness of a tighter rate path by the Fed as well as geopolitics.
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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