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Dollar Strengthens Ahead of Key Data
The US Dollar extended its rally on Wednesday, reaching a six-month high as investors remained optimistic about the “Trump trade.” The upcoming release of crucial US economic data, particularly the Inflation Rate, is set to be a major market mover.
Key Developments:
US Dollar Index (DXY): Surged past 106.00, boosted by rising US Treasury yields.
EUR/USD: Fell to a 2024 low near 1.0590 due to a stronger US Dollar.
GBP/USD: Dipped to a three-month low around 1.2720, pressured by the rising Greenback.
USD/JPY: Approached a four-month high near 155.00, fueled by the Dollar’s strength.
AUD/USD: Retested monthly lows near 0.6510, weighed down by the US Dollar.
Commodities
WTI Crude Oil: Fluctuated around $68.00 per barrel, influenced by OPEC+’s revised demand forecast and the strong US Dollar.
Gold: Retreated to a two-month low below $2,600 per ounce, pressured by rising US yields and a stronger Dollar.
Upcoming Economic Events:
US: Inflation Rate, Mortgage Applications, API Weekly Crude Oil Inventory Report, Fed Speakers (Logan, Musalem, Schmid)
Japan: Producer Prices
As the week progresses, market participants will closely monitor these economic indicators and Fed speakers’ comments for further insights into the future direction of monetary policy and its impact on the US Dollar and global financial markets.
Also Read:
XAU/USD Declines on Soaring Dollar Ahead of Inflation Data
EUR/USD Plummets to One-Year Low
Crude Oil Struggles Amid Bearish Market Sentiment
Dow Jones Pauses After Election Rally As Focus Shifts To Inflation Data
Fed’s Kashkari: Can’t declare victory on inflation, but have reasons to be confident
