Mumbai, 27 Feb (Commoditiescontrol): The US dollar weakened on Tuesday amidst market anticipation over upcoming US economic releases. These reports hold the potential to illuminate the timeline for potential Federal Reserve interest rate cuts.
The Japanese yen experienced a slight uptick following data showing consumer inflation remained consistent with the Bank of Japan's established 2% target. This result defies economist predictions which anticipated a dip below the target for the first time in almost two years.
Early Asian trading hours saw the US dollar index, which tracks the currency against a selection of global peers (including the yen and euro), remain relatively unchanged at 103.78. This stagnant performance follows a 0.17% decline recorded on Monday.
Market sentiment has largely dismissed the possibility of a rate cut during the Fed's March meeting. Moreover, projections for a cut by June, previously anticipated for May, have also been scaled back in light of recent robust US consumer and producer price data, according to CME's FedWatch Tool.
Focus now shifts to the release of US durable goods data later on Tuesday. Of even greater significance will be Thursday's publication of the US personal consumption expenditures price index for January – the Federal Reserve's favored metric for measuring inflation.
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
