US Dollar Index struggles to justify hawkish Fedspeak, FOMC Minutes ahead of US CPI – by anilpanchal7 DollarIndex Inflation Fed RiskAppetite YieldCurve
Fed Minutes portrays policymakers’ concern for inflation, fears of doing too little.US CPI for September is likely to ease but expected improvement in Core CPI may recall DXY bulls.
Federal Reserve Governor Michelle Bowman said on Wednesday that if high inflation does not start to wane she will continue to support aggressive rate rises aimed at taming price pressures, reported Reuters. That said, CME’s FedWatch Tool takes clues from the hawkish bias at the US central bank, as per the latest Fed Minutes, as it portrays a nearly 85% chance of the Fed’s 75 bps rate hike in November.
The DXY witnessed downside pressure on Wednesday while tracking softer yields even if the US Producer Price Index printed better than forecast figures. The PPI declined to 8.5% YoY in September versus 8.4% expected and 8.7% prior. Further, the Core PPI eased to 7.2% versus 7.3% previous readings and market forecasts. Also should have helped the US Dollar Index, but did not, were the fresh fears of coronavirus emanating from China and Europe.
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