Forex Today: US Dollar stabilizes as Fed repricing fades after inflation data – by eren_fxstreet Currencies Majors Macroeconomics Commodities CryptoCurrencies
The US Dollar managed to shake off the selling pressure on Tuesday after the inflation data from the US revived expectations for a 25 basis pointsrate hike in March and fueled a rebound in the US Treasury bond yields. Markets remain calm early Wednesday as focus shifts to February Retail Sales and Producer Price Index data from the US. In the early Asian session, fourth-quarter Gross Domestic Product data from New Zealand will be watched closely by investors.
Meanwhile, the new Bank Term Funding Program facility introduced by the Fed in response to the collapse of Silicon Valley Bank and Signature Bank seems to have helped to calm markets down. On Tuesday, Wall Street's three main indexes closed with strong gains. The Bank of Japan's January meeting minutes revealed on Wednesday that members shared the view that the underlying rise in inflation was likely to lead to sustained price rise backed by wage hikes. Following Tuesday's rebound,Pressured by rising US T-bond yields, XAU/USD snapped a three-day winning streak on Tuesday.retreated below $25,000 early Wednesday after having spiked to its highest level since June above $26,500 on Tuesday.
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