The US Dollar Index (DXY), which gauges the greenback vs. its main competitors, corrects lower to the 92.70 regions on Wednesday.
US Dollar Index now looks to Powell: After two consecutive daily advances, the index runs out of steam in the 92.80/85 band earlier in the session.
Despite the current knee-jerk in DXY, the prospects for the buck remain positive, particularly after Tuesday’s release of (much) stronger than expected inflation figures measured by the CPI. It is worth recalling that the headline CPI rose 5.4% YoY in June, the highest level since 2008. The Core CPI rose 4.5% YoY, levels last seen in 1991.
In addition, recent Fedspeak favoring an earlier tapering of the bond purchase program, speculations of a rate hike by end of 2022, and the rebound in US 10-year yields also underpinned the upside momentum in the dollar.
Enter at: 92.805 T.P_1: 94.363 T.P_2: 95.595 S.L: 91.694
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