US DOLLAR LOOKS SET FOR THIRD CONSECUTIVE DAY OF GAINS THIS WEEK
- The US Dollar adds gains for a third consecutive day this week.
- A very light economic calendar is ahead for Wednesday.
- The US Dollar Index traders near 103.00, aiming to close above this key level.
The US Dollar (USD) is holding on to a third day of gains this week after the US Consumer Price Index (CPI) data came in slightly higher than expected, casting doubts over the timing of interest-rate cuts by the Federal Reserve (Fed). After an initial positive move following the release of the CPI data, the Greenback gave up half of its gains on Tuesday as US equities rallied. On Wednesday the DXY US Dollar Index is standing firm and looks set to close above 103.00 if no hiccups occur into the US trading session.
On the economic data front, a very light calendar is ahead, with nothing worth mentioning. A rather political element to mention is that the Primaries on Tuesday gave both current US President Joe Biden and former US President Donald Trump enough votes to secure their presidential nominations. November 5 will thus be a rematch from four years ago.
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