US Dollar recovers its first weekly losses on Wednesday as market mood deteriorate.

The US Dollar (USD) continues to recover on Wednesday, boosted by comments from Federal Reserve (Fed) Bank of Minneapolis President Neel Kashkari. Who startled markets on Tuesday. Kashkari hinted that a rate hike is still possible this year. Markets ignored Kashkari’s non-voter status this year. Which allows him to talk more freely and personally. As well as his final remark that he does not view a rise as a feasible outcome For now.

On the economic front, Wednesday’s focus is on the Richmond Fed Manufacturing Index for May. Markets have already seen the Dallas Fed Manufacturing Index fall to -19.4 in May from -14.5. Another lower-than-expected Manufacturing Index might spell more softening for the US dollar. With markets dismissing Kashkari’s chance of raising interest rates.

Daily market movers: Manufacturing begins to wobble.The US Dollar Index rises quickly again above 104.50.

The Mortgage Bankers Association issued mortgage applications for the week of May 24 at 11:00 GMT. The previous week’s statistics was positive 1.9%. With a strong contraction of 5.7% this week.
At 12:55 GMT, the Redbook Index for the week of May 24 will be released. The previous week’s reading was 5.5%.
Around 14:00 GMT, The Richmond Fed Manufacturing Index for May will be revealed. The last reading was -7, with a modest increase to -2 predicted. As previously said, the significance of this number is highlighted by the substantial decline recorded in the Dallas Fed Manufacturing data on Tuesday.
The US Treasury plans to auction a 7-year note about 17:00 GMT.
President of the Federal Reserve Bank of New York, John Williams, speaks with local leaders on community services during a Development Authority of the North Country event in Watertown. Commentaries are due around 17:45 GMT.
The Fed’s Beige Book will be released at 18:00 GMT.
At 23:00 GMT, President Raphael Bostic of the Federal Reserve Bank of Atlanta participates The Thirteenth Annual AEA Conference on Teaching and Research in Economic Education featured a moderated discussion of leadership and the US economic future.
Both the Asian-Pacific and European sessions’ main equity indices are down. However, losses in Europe remain at an average of 0.50%.
According to the CME Fedwatch Tool, Fed Fund futures pricing data indicates a 53.7% chance of keeping rates constant in September, compared to 41.7% for a 25 basis point (bps) rate drop and 4.1% for a 50 bps rate cut. A marginal 0.5% price for an interest rate hike, and the probabilities have not changed despite the Fed’s Kashkari comments.
The benchmark 10-year US Treasury note trades around 4.56% and tops around this week.