The US Dollar clings to its latest gains with the DXY above 106.00.
Expectations for additional interest rate cuts by the Federal Reserve have waned.
Important US data releases this week will shape the outlook for monetary policy and forex.
The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, is clinging to its latest gains in the US session on Tuesday. Expectations for additional interest rate cuts by the Federal Reserve (Fed) have waned, and important US data releases in the coming weeks will shape the outlook for monetary policy. These include Consumer Price Index (CPI) and Retail Sales data later this week.
The DXY is anticipated to continue its uptrend, supported by strong US economic fundamentals. The upcoming release of inflation data and Retail Sales figures is expected to bolster the US Dollar. Despite profit-taking and easing labor conditions, the Fed remains optimistic about the economy, and the Greenback's overall trend remains positive.
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