Hotter-than-expected US headline and core CPI help ease the USD bearish pressure.Expectations of a 50 bps rate cut by the Fed might cap any attempted USD recovery.
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Euro pressured by rampant Dollar as Fed rate cut bets fade
Fed chair Jerome Powell’s latest dovish comments have removed market doubts over a US interest rate cut in July. Such signals have translated into the Dollar index (DXY) falling to around the 97 psychological level at the time of writing, allowing Asian currencies to climb higher against the Greenback. Asian stocks are also opened in the green, taking their cues from gains in US stocks, with the S&P 500 breaching the 3000 level for the first time ever before moderating.
Markets turn cautious and vigilant as Powell seizes centre stage