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The US dollar edged lower yesterday with investors remaining focused on economic data and trade. The US dollar index is adding to recent losses, down for the third session in a row and thus extending the rejection from last week’s 2019 highs in the 98,30-98,35. The index is losing the grip below the 98,00 handle today, exposing further downside in the near term.
The US currency retreats from 2019 high, which were reached earlier in the month. Now the US dollar is mainly in a correction phase, which was additionally worsened by the strong European economic data.
The main obstacle to the US dollar remains the two-day US Federal Reserve (Fed) meeting, which ends on Wednesday with a statement and press conference by President Jerome Powell. No change in policy is expected, but the market wants to hear how Jerome Powell will interpret the difference between steady economic growth and slowing inflation.
Data in the US showed that consumer spending enjoyed the sharpest recovery in the past nine and a half years in March, but core inflation is still slowing down to a 14-month low. — Finance & Markets.
Online Reporter