Dollar Strengthens as Treasury Yields Surge, Anticipating a Hawkish Fed Shift?
| Action Insight Daily Report 3-15-24 |
Dollar Strengthens as Treasury Yields Surge, Anticipating a Hawkish Fed Shift? |
Dollar rebounded strongly overnight along with rally in treasury yields, and maintained its strength in Asian session. This resurgence is largely attributed to traders recalibrating their expectations for Fed's monetary policy, in light of this week's inflation data that surpassed forecasts. Both CPI and PPI reports for this week have painted a picture of persistent inflationary pressures, prompting speculation of a hawkish shift in FOMC's dot plot at the upcoming meeting next week. With the inflation narrative gaining momentum, eyes are on University of Michigan's consumer sentiment index and inflation expectations in US session. Any surprises to the upside in these figures could further cement the Dollar's position, propelling it to end the week on a strong note... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6557; (P) 0.6594; (R1) 0.6619; More... AUD/USD's break of 55 4H EMA (now at 0.6585) argues that corrective recovery from 0.6442 has completed with three waves up to 0.6666. Intraday bias is back on the downside for 0.6476 support first. Break there will argue that decline from 0.6870 is ready to resume. On the upside, break of 0.6629 minor resistance will turn bias back to the upside to extend the rebound from 0.6442 instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:30 | NZD | Business NZ PMI Feb | 49.3 | 47.3 | 47.5 | | 04:30 | JPY | Tertiary Industry Index M/M Jan | 0.30% | 0.10% | 0.70% | | 09:30 | GBP | Consumer Inflation Expectations | 3.30% | | 10:00 | EUR | Italy Retail Sales M/M Jan | 0.20% | -0.10% | | 12:15 | CAD | Housing Starts Y/Y Feb | 227K | 224K | | 12:30 | CAD | Wholesale Sales M/M Jan | -0.60% | 0.30% | | 12:30 | USD | NY Empire State Manufacturing Index Mar | -6.5 | -2.4 | | 12:30 | USD | Import Price Index M/M Feb | 0.20% | 0.80% | | 13:15 | USD | Industrial Production M/M Feb | 0.00% | -0.10% | | 14:00 | USD | Michigan Consumer Sentiment Index Mar P | 77.3 | 76.9 |
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