US Dollar Index fades two-day uptrend near 103.00, Fed’s preferred inflation, banking news eyed – by anilpanchal7 DollarIndex Fed RiskAversion Banks Inflation
Fears of US recession, challenges to hawkish Fed concerns probe DXY bulls. teases sellers around 103.00, following a two-day winning streak, amid the market’s consolidation during early Monday. In doing so, the greenback’s gauge versus six major currencies remains pressured after a two-week downtrend as the US Treasury bond yields remain pressured.
Fed’s Kashkari said on the CBS show Face the Nation that recent stress in the banking sector and the possibility of a follow-on credit crunch brings the US closer to recession. On the other hand, headlines from Bloomberg also contributed to the risk-on mood and weighed on the US Dollar. “First Citizens BancShares Inc. is in advanced talks to acquire Silicon Valley Bank after its collapse earlier this month, according to people familiar with the matter,” said Bloomberg.
It’s worth noting that mostly upbeat data and hawkish Fedspeak triggered the US Dollar’s rebound late Friday. That said, US Durable Goods Orders for February dropped by 1.0% versus January's fall of 5% and the market expectation for an increase of 0.6%. Details suggested that the figure for Durable Goods Orders ex Defense and ex Transportation were also downbeat but Nondefense Capital Goods Orders ex Aircraft came in firmer-than-expected 0.0% to 0.2%, versus 0.3% prior.
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