US Dollar loses strength ahead of key US CPI data – by eren_fxstreet DollarIndex Currencies Majors UnitedStates EURUSD
EUR/USD holds above key support despite the latest pullback.The US Dollar stays on the back foot on Tuesday and weakens against its major rivals as investors gear up for the highly anticipated March data from the US. The US Dollar Index, which closed the previous four trading days in positive territory, retreats toward 102.00, reflecting the lack of demand for the currency.
The CME Group FedWatch Tool shows that markets are pricing in a 67% probability of a 25 bps Fed rate increase in May, compared to 73% on Monday. NY Fed’s latest consumer survey revealed that the one-year inflation expectation climbed to 4.7% in March from 4.2% in February. In case EUR/USD stabilizes above 1.0900, it is likely to face resistance at 1.0950 before targeting 1.1000 and 1.1035 .How does Fed’s policy impact US Dollar?
, in the open market to spur growth and QT is exactly the opposite. QE is widely seen as a USD-negative central bank policy action and vice versa.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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