The US Dollar trades in the green across the board on Thursday’s European session.
Traders brace for further US data and ECB monetary policy decision as well.
The US Dollar Index consolidates above 105.00 and could set sail for 106.00.
The US Dollar (USD) holds into gains on Thursday after having a field day on Wednesday, trading over 1% in the green, with a move not seen since early January. Finally, the standstill and sideways price action that accounts for 2024 thus far is changing, and volatility could finally pick up. Markets could see outflows from carry trades into the Greenback as the US Dollar is expected to remain steady due to the anticipation that the Federal Reserve (Fed) could keep higher interest rates for longer, while all other major central banks will be cutting them sooner.
On the economic data front, there are plenty of data points to digest besides the European Central Bank (ECB) meeting later on Thursday. On the docket, the weekly Initial Jobless Claims could add to the current US Dollar strength should they decline or steady. Adding on, the Producer Price Index (PPI) numbers could add more oil to the bonfire as another strong number could signal that inflation pressures persist.
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