Will the CPI Crash the USD?
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
Greenback is pressured before Fed verdict
On Wednesday, the evergreen buck was suppressed, dipping versus a basket of other key currencies ahead of the Fed’s highly anticipated policy decision.
Traditionally indicating the greenback’s value versus a basket of six crucial currencies, the US dollar index declined 0.24% being worth 88.81, rebounding towards the previous week’s minimum of 88.25, which is its weakest reading since December 2014.
The US currency was on track for an abrupt monthly loss versus its counterparts, with the index losing approximately 3% on the month.
The evergreen buck was pressured because it has lost its yield attraction for traders. Evidently, a faster rate of monetary tightening outside America would decrease the divergence between the major US bank and other key financial institutions.
The common currency gained ground, with EUR/USD inching up 0.34% hitting 1.2444.
As for the currency pair USD/JPY, it declined to 108.71.
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