US DOLLAR INDEX HOLDS BELOW 105.00 AS TRADERS AWAIT US CPI INFLATION DATA
- The US Dollar Index (DXY) loses ground near 104.95
- Fed rate cut bets continue to undermine the DXY.
- The cautious mood and safe-haven flows might cap the USD Index’s downside.
The US Dollar Index (DXY) trades in negative territory for the second consecutive day around 104.95 during the Asian session on Thursday. The DXY edges lower despite the cautious stance of the US Federal Reserve (Fed) Chair Jerome Powell. Investors will watch the US June Consumer Price Index (CPI) inflation data for fresh impetus, along with the weekly Initial Jobless Claims and speeches by the Federal Reserve’s (Fed) Raphael Bostic.
Fed’s Powell said on Wednesday before the US House Financial Services Committee that the US central bank will make interest rate decisions based on the data, the incoming data, the evolving outlook, and the balance of risks, and not in consideration of political factors. Powell added that it would not be appropriate to cut the policy rate until they gain greater confidence in inflation heading sustainably towards the Fed’s 2% target.
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