2024-03-13 13:22:12
© Reuters. The dollar moves in the positive zone following US inflation data
FXNEWSTODAY – The US dollar rose in the European market on Wednesday once morest a basket of global currencies, continuing to move in positive territory for the third day in a row, with purchases continuing as the best available investment, especially following inflation data that was higher than market expectations in the United States.
These data demonstrated the stability of inflationary pressures on, and emphasized the need for them to remain “high” for as long as possible this year.
American
The dollar index rose by 0.1% to (103.02) points, from the opening level of today’s trading at (102.93) points, and recorded the lowest level at (102.87) points.
The index ended yesterday’s trading with an increase of 0.2%, the second daily gain in a row, with the continuation of recovery operations from the lowest level in two months at 102.36 points, and following the inflation data in the United States.
US bond yield
The ten-year yield rose on Wednesday by 0.2 percentage points, maintaining its gains for the third session in a row, which enhances investment opportunities in the US dollar.
This development in the US bond market comes following a decline in the pricing of the possibility that the Federal Reserve will cut interest rates next May and June.
US inflation
Data on Tuesday showed the total in the United States increased by 3.2% annually in February, above market expectations for a 3.1% rise, and the index recorded a 3.1% rise in January.
The core CPI recorded an annual increase of 3.8% in February, higher than market expectations of a 3.7% increase, and the index recorded an increase of 3.9% in January.
American interest
Following the inflation data, futures pricing for the odds of a cut in US interest rates in March fell by regarding 25% from 3% to 1%, the odds of a cut in May from 20% to 12%, and the odds of a cut in June from 72% to 67%.
Artistic look
US dollar index price without anything new – today’s forecast 3-13-2024
1710351803
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