The USD Index (DXY), which tracks the greenback vs. a bundle of its main rivals, trades with marginal gains and looks to consolidate the recent pullback on Wednesday.
USD Index focuses on data
After two consecutive daily pullbacks, the index now hovers around the 101.60 region on the back of the generalized flattish mood in the global markets.
The dollar, in the meantime, appears under heavy pressure and trades in the area of multi-week lows well south of the 102.00 mark amidst the broad-based improvement in the risk-associated universe and expectations of a pause by the Fed at the May event.
On the latter, consensus among traders remains pretty divided and CME Group’s FedWatch Tool now sees the probability that the Fed could leave rates unchanged at 55% at the May 3 gathering.
In the NA session, MBA Mortgage Applications are due in the first turn seconded by Balance of Trade, the final Services PMI and the ISM Non-Manufacturing.
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