The US Dollar (USD) stays resilient on Wednesday after having weakened against its major rivals on Tuesday. Investors refrain from making large bets while awaiting March Consumer Price Index (CPI) data from the US.
Following a bullish start to the week, the US Dollar Index (DXY) turned south on Tuesday and declined toward 102.00. The mixed performance of Wall Street and the lack of action in the US Treasury bond yields, however, helped the USD limit its losses in the second half of the day. The CME Group FedWatch Tool shows that markets are pricing in a 67% probability of one more 25 basis points Federal Reserve (Fed) rate hike in May. March CPI could trigger a big action in the USD by influencing the Fed’s rate outlook.
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