US DOLLAR GAINS ADDITIONAL GROUND ON STRONG US SERVICES PMI
- The DXY rose by more than 0.50% to 104.50 on Monday.
- The US service sector continues to show robustness, making markets disregard an interest rate cut in March.
- US Treasury yields continue to rise, boosting the Greenback.
The US Dollar (USD) measured by the DXY index rose on Monday to 104.50, its highest level since mid-November. This upswing has been attributed to the fortifying ISM Services PMI for January, giving the Dollar Index an advantageous boost via markets giving up on hopes of an interest rate cut in March.
The US Federal Reserve's hawkish hold, justified by a robust jobs report and continuous strong growth in Q1, is making any imminent rate cuts implausible, contradicting previous market expectations. Federal Reserve (Fed) Chair Powell maintains cautiousness, emphasizing the need to observe inflation’s sustained drop toward the 2% core target
- The DXY rose by more than 0.50% to 104.50 on Monday.
- The US service sector continues to show robustness, making markets disregard an interest rate cut in March.
- US Treasury yields continue to rise, boosting the Greenback.
The US Dollar (USD) measured by the DXY index rose on Monday to 104.50, its highest level since mid-November. This upswing has been attributed to the fortifying ISM Services PMI for January, giving the Dollar Index an advantageous boost via markets giving up on hopes of an interest rate cut in March.
The US Federal Reserve's hawkish hold, justified by a robust jobs report and continuous strong growth in Q1, is making any imminent rate cuts implausible, contradicting previous market expectations. Federal Reserve (Fed) Chair Powell maintains cautiousness, emphasizing the need to observe inflation’s sustained drop toward the 2% core target
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