Dollar 90.00 Tapped!
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Prior chart:
The dollar appears to be getting a second wind after big beats in US headline and core US inflation, even allowing for base effects that implied an upside bias to market expectations, but initial gains were swiftly erased and reversed to leave the index languishing below pre-data levels at one stage.
Perhaps the Dollar took heed of the Fed’s view that spikes in CPI and other price metrics will prove to be transitory, though the reaction in US Treasuries and other global bonds has been more consistent with the reflation story.
Back to the DXY, and a slow grind higher following comments from Fed’s Clarida who is equally surprised by the CPI prints as he was with last Friday’s NFP upset kept the index above 90.000 from a marginal new 90.153 low and seemingly refreshed for a another rebound to notch a 90.718 high. Overall further downside is expected over the next couple of weeks.
Prior chart:
The dollar appears to be getting a second wind after big beats in US headline and core US inflation, even allowing for base effects that implied an upside bias to market expectations, but initial gains were swiftly erased and reversed to leave the index languishing below pre-data levels at one stage.
Perhaps the Dollar took heed of the Fed’s view that spikes in CPI and other price metrics will prove to be transitory, though the reaction in US Treasuries and other global bonds has been more consistent with the reflation story.
Back to the DXY, and a slow grind higher following comments from Fed’s Clarida who is equally surprised by the CPI prints as he was with last Friday’s NFP upset kept the index above 90.000 from a marginal new 90.153 low and seemingly refreshed for a another rebound to notch a 90.718 high. Overall further downside is expected over the next couple of weeks.
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