The US dollar rose on Thursday, initially to 103.45 and then stabilizing at 104.15, following positive Initial Jobless Claims data. However, bulls are running out of steam due to a lack of fresh drivers and Fed speakers refusing to give additional guidance on the bank’s next steps concerning future rate policy path.
The US Federal Reserve’s Chair, Jerome Powell, considered a cut in March “unlikely” and needs more evidence on inflation to gain confidence for cutting rates. Initial Jobless Claims for the week ended on February 3 fell short of the consensus, with the claims coming in at 218K, lower than the predicted 220K and a slight reduction from the previous week’s 227K claims.
The possibility of rate cuts in March dropped to 20%, but the odds rise to 50% for the May meeting, where the probability of a hold is also high. An ascent in US Treasury bond yields supports the US Dollar.
Although the DXY Index fails to regain the 100-day SMA, bulls still present, with the daily Relative Strength Index showing a flat slope in positive territory.<\/p>\n","protected":false},"excerpt":{"rendered":"
The US dollar rose on Thursday, initially to 103.45 and then stabilizing at 104.15, following positive Initial Jobless Claims data. However, bulls are running out of steam due to a lack of fresh drivers and Fed speakers refusing to give additional guidance on the bank’s next steps concerning future rate policy path. The US Federal …<\/p>\n","protected":false},"author":13,"featured_media":95648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6885,8790,8635,7740,8367],"class_list":["post-96712","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-fed","tag-initial-jobless-claims","tag-interest-rate-policy","tag-rate-cut","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/96712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=96712"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/96712\/revisions"}],"predecessor-version":[{"id":96717,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/96712\/revisions\/96717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/95648"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=96712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=96712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=96712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}