US Dollar gains broadly with US inflation data in focus
US Dollar gains on Monday with the DXY above 105.50.
The fundamental Greenback uptrend remains intact as the US economy continues to outperform other advanced economies.
Key data releases this week include the US October CPI on Wednesday and Retail sales on Friday.
The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, is broadly gaining in Monday's session. The focus for traders is now on the US inflation data for October, which will be released later this week. A strong inflation reading could further boost the US Dollar as it would increase expectations that the Federal Reserve (Fed) might slow the pace of interest rate easing.
The DXY initially rose last Friday after positive UoM consumer confidence data and the Federal Open Market Committee’s (FOMC) announcement of a 25 bps rate cut. Despite concerns over easing labor market conditions, the Fed expressed optimism about economic growth.
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