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Market News US Dollar Index attempts to reclaim 104.60 as the probability of aggressive Fed direction diminishes

US Dollar Index attempts to reclaim 104.60 as the probability of aggressive Fed direction diminishes

Downward momentum suggests the DXY to revisit its six-week low of 104.64. The likelihood of a Fed rate hike will remain constant, however the hawkish direction will suddenly diminish. A significant decrease in the US CPI has bolstered risky assets.

Daniel Rogers
2022-08-11
770

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The US dollar index (DXY) had a sharp decline on Wednesday following a decline in the US Consumer Price Index (CPI). The DXY tumbled like a house of cards as a dramatic slowdown in price pressures reduced the likelihood of a massive rate hike by the Federal Reserve (Fed) in September. A breach to the downside of the consolidation created between 106.00 and 106.80 pushed the asset down to 104.64. The market has seen a setback, but the decline will persist.

Plain-Vanilla CPI falls 60 bps

The annual rate of inflation in the United States was 8.5%, which was lower than both the forecast and the previous report of 8.7% and 9.1%. A significant tiredness signal was sent to market players in July by a notable annual decline in the inflation rate precipitated by a precipitous decline in oil prices. The Federal Reserve (Fed) will undoubtedly announce additional rate hikes; but, the Fed's long-term hawkish outlook will suffer a significant setback.

Optimistic market sentiment will persist for some time.

Fed policymakers breathe a sigh of relief after implementing a series of policy tightening measures, such as increasing interest rates and ending the bond-buying program. Investors have been anticipating a month with positive job data and a major decline in price pressures in order to inject cash into risk-perceived assets. In the future, the risk-taking drive will persist for a little longer duration.


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