US Dollar Index: Upbeat US data, hawkish Fed bets propel DXY bulls above 102.00 – by anilpanchal7 DollarIndex Fed RiskAppetite YieldCurve Inflation
Upbeat US manufacturing, housing data joined hawkish Fed talks to underpin DXY run-up.Second-tier US housing data, Fedspeak may entertain intraday DXY traders.Index grinds higher past 102.00, mildly bid near 102.10 by the press time of the mid-Asian session on Tuesday, as it defends the previous week’s recovery from the lowest levels in one year.
While tracing upbeat US Treasury bond yields and rising calls for the hawkish Fed move, the latest US data gains major attention. That said, the NY Empire State Manufacturing Index jumped to 10.8 for April while snapping the four-month downtrend, as well as marking the highest level since July last year. Further, the US National Association of Home Builders housing market index also rose for the fourth consecutive month in April to 45, versus 44 expected and prior reading.
Apart from the data, the Fed talks also allow the DXY to remain firmer as Richmond Fed President Thomas Barkin said on Monday that he wants to see more evidence of inflation settling back to target. The policymaker also added that he feels reassured by what he is seeing in the banking sector.rate hike in May, as well as a reduction in the market’s bets suggest a rate cut in the late 2023 increase.
It’s worth noting, however, that Wall Street closed on the positive side and hence may join the risk-on mood to prod the US Dollar bulls ahead of this week’s key US PMIs, up for publishing on Friday. Ahead of that, the US Housing Starts and Building Permits for March will also be important to watch.
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