US Dollar holds gains higher after Fed's comments, US CPI
DXY holds gains around 106.00 after Fed's Bullard comments.
US CPI data showed inflation in October rising by 2.6%, in line with estimates.
Core CPI rises by 3.3%, exceeding expectations and driving US yields higher.
The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, has surged higher on Wednesday in response to hawkish comments from Federal Reserve (Fed) officials. Dallas Fed President Robert Kaplan expressed caution regarding the possibility of a December rate cut, dampening expectations that had been building in the market. The DXY has climbed above 106.00, reaching a fresh six-month high as a result of these comments but mildly retreated after Consumer Price Index (CPI) data from October, which didn’t show major surprises.
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