US Dollar Index (DXY) pares recent gains around 102.50 as it retreats from a one-week high, as well as snapping four-day uptrend, during early Tuesday in Asia. In doing so, the greenback’s gauge versus six major currencies portrays the market’s cautious mood as full markets return after two consecutive daily offs in the major markets.
Late on Monday, Rick Rieder, Chief Investment Officer of global fixed income at BlackRock, the world's largest asset manager, said, “The Federal Reserve may not need to raise interest rates further to fight inflation, as the fallout from last month's turmoil in the banking sector and a series of recent labor data point to a slowing US economy,” per Reuters.
On the other hand, Federal Reserve (Fed) Bank of New York President, as well as the Fed’s Vice Chairman of the rate-setting committee, John Williams anticipated slower inflation while ruling out the interest rates as culprits for the previous month’s bank fallouts
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