The DXY climbed to 105.50 on the back of hawkish comments from Chair Powell, indicating that the Federal Reserve were committed to returning inflation to the target of 2% while downplaying recessionary warning signals.
However overnight, US Core PCE Price Index was released at 0.3% showing a slowing growth of inflation, which also indicated that recent aggressive rate increases has had an impact on stemming inflation growth.
This resulted in the DXY correct back close to the 104.50 support level. At this level, look for the DXY to rebound, test 105 and possibly beyond
However overnight, US Core PCE Price Index was released at 0.3% showing a slowing growth of inflation, which also indicated that recent aggressive rate increases has had an impact on stemming inflation growth.
This resulted in the DXY correct back close to the 104.50 support level. At this level, look for the DXY to rebound, test 105 and possibly beyond