Despite weak sentiment data, USD rides high on hawkish Fed bets. CPI data reported this week made hopes of a June cut unlikely. Fed’s Collins and Goolsbee were on the wires sounding hawkish. The US Dollar Index is trading above the 106.00 mark, attaining its highest level since early November. The Index's upward movement is largely driven by rising US yields and a hot inflation data environment that favors the US Dollar.
Meanwhile, the Moving Average Convergence Divergence also supports this bullish view as the green bars on the histogram show an upward trajectory, indicating that buyers are in control. US Dollar FAQs What is the US Dollar? The US Dollar is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »