US Dollar Index eyes to regain 109.00 ahead of US Durable Goods Orders, Jackson Hole – by anilpanchal7 DollarIndex Fed Recession RiskAppetite Macroeconomics
It’s worth noting that the greenback’s gauge versus the six major currencies poked the multi-year high the previous day before reversing from 109.27. That said, the fears of economic slowdown and the US Federal Reserve’s aggressive rate hikes are the main factors that favor the DXY bulls even if the latest weakness inRecently, Minneapolis Fed President Neel Kashkari mentioned that the biggest fear is that we are misreading underlying inflation dynamics, per Reuters.
On Tuesday, the preliminary readings of the US S&P Global Manufacturing PMI for August eased to 51.3 versus 52.0 expected and 52.2 prior while the Services gauge plunged to 44.1 from 47.3, compared to 49.2 market forecasts. According to S&P Global, the US economy is also in trouble as the Composite PMI shrank to 45, its lowest in 27 months.
Amid these plays, US 10-year Treasury yields rose to the highest in a month, inactive at around 3.05% by the press time, whereas Wall Street benchmarks closed with mild gains. It’s worth noting that the S&P 500 Futures print mild losses by the press time.
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