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Market News The US Dollar Index is expected to fall below 104.70 as risk appetite strengthens and rates approach 3.30 percent

The US Dollar Index is expected to fall below 104.70 as risk appetite strengthens and rates approach 3.30 percent

The DXY has seen a strong decline at the outset due to lower yields and disappointing Retail Sales data. The DXY has experienced extreme volatility as a result of a rate rise of 75 basis points. The Fed believes that an increase in the unemployment rate will bring about price stability.

Alina Haynes
2022-06-16
739

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After a flat opening, the US dollar index (DXY) has seen a sharp decline and is projected to prolong its losses after falling below Wednesday's low of 104.66. The DXY became particularly volatile following the Federal Reserve's (Fed) announcement of a 75 basis point rate rise (bps). Although the long-term expectation was 50 basis points, a higher US inflation reading of 8.6% announced last week increased the likelihood of a massive rate hike. Extreme selling pressure was exerted on the asset by a sharp decline in US Treasury rates. Yields on 10-year US Treasuries fell 5.50 percent on Wednesday. At the time of publication, benchmark yields are 3.29 percent. After nearly 28 years, the Fed has announced a rate raise of 75 basis points.

 

Powell's press conference following the announcement of monetary policy Fed chair Jerome Powell was observed to be appreciative of the robust and well-positioned economic growth, which has enabled the Fed to mandate a massive rate rise. Additionally, the US economy's consistent employment growth has encouraged the Fed to take a strong stance on interest rates. An economy's excessive policy tightening reduces growth projections. The Fed believes that a drop in inflation rates to approximately 2 percent while maintaining the unemployment rate at 4.1% will constitute a Fed success.

 

Wednesday's release of the US Retail Sales data was overshadowed by the Fed's decision about interest rates. The monthly Retail Sales went negative, arriving at -0.3 percent, significantly lower than forecasts and the previous reading of 0.2% and 0.7%, respectively. While the Retail Sales Control group was reported at 0%, which was below both estimates and the previous print of 0.5%.

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