All eyes are set on the updated Dot Plot and Chair Powell’s tone.
Any hawkish or dovish surprise from the Fed may trigger volatility in the USD.
The US Dollar Index (DXY) is currently trading near 104, demonstrating a gain not witnessed since March 1. The Greenback has been steadily ascending for the fifth day in a row, backed up by strong economic data and rising US Treasury yields in the last few sessions. However, the short-term trajectory will be dictated by the Federal Reserve’s (Fed) stance and projections.
The US economy remains resilient, with little evidence of inflation coming down and the labor market showing mixed signals. Investors will closely evaluate Chair Jerome Powell’s stance and how confident he is regarding cutting rates.
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