At the start of the trading day on Monday, the US Dollar was mixed.
The US Dollar (USD) eked out a ninth weekly closing in the green. Indicating that the US Dollar’s summer gain is fading. Despite the rally’s vigor, there are some indications. That it may be coming to an end. Although the USD ended the week in the green, the University of Michigan inflation expectations components revealed.That participants believe the US Federal Reserve (Fed) is about done raising. Which isn’t good. for the Dollar.
Traders will almost certainly keep their powder dry for the major Fed event on Wednesday.
The week’s economic schedule is weak and unlikely to have a significant influence on current levels. Some selling pressure is predicted till Wednesday, especially if the US Dollar fails to break higher. Furthermore This suggests that the US Dollar Index (DXY) is likely to fall, easing slightly away from a fresh six-month high.
The US Dollar faces a central bank week, according to the daily summary.
This week sees the release of rate decisions by the Swiss, Norwegian, Swedish, Japanese, and British central banks, in addition to the Fed.
Crude prices stay high on the board, with WTI Crude reaching a fresh annual high of $90.84. The rise in oil prices may indicate that overall inflation remains high. For the coming quarter.
Moreover Monday has a pretty quiet itinerary in a week. That will be dominated by the US Federal Reserve’s rate decision.
At 14:00 GMT, the National Association of Home Builders will release its September Housing Market Index. The number 50 is expected to remain unaltered.
The US Treasury Department will hold an auction for three-month and six-month bills.
Furthermore On Monday, equities are mixed, with no apparent direction. The failure of Societe Generale’s statements to convince US Dollar. Investors has placed some selling pressure on European bank shares.
According to the CME Group FedWatch Tool. Markets are pricing in a 97% likelihood that the Federal Reserve will leave interest rates unchanged at its September meeting. latest PPI and Retail Sales figures.
The benchmark 10-year US Treasury note yield is 4.35%, having reached a high in early Monday trading.
