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12 Apr 2022

Dollar Stabilizes Prior to Soaring Inflation Data Release

The Index Today

The dollar index steadied on Tuesday helped by high U.S. Treasury yields prior to the release of the inflation report which is expected to reveal costs at 16-year high levels that are likely to add to the Federal Reserve’s decision to adopt a more hawkish stance.

According to Reuters, the dollar index climbed by as much as 100.13 close to 100.19 before dipping below 100. The dollar gained against the Japanese yen with the overnight intraday trading high of 125.77, which loomed close to June 2015’s high of 125.86. The greenback was also able to gain overnight against the Chinese yuan hitting a two-week high of 6.390 before sobering.

CBA analysts contended that the dollar’s gain "was most apparent against JPY and CNH – currencies of economies with a dovish central bank." They also added to the expectations that a greater U.S. inflation rate will spur the Fed to implement a more aggressive monetary policy. "We expect the dollar to stay bid and lift to the pandemic high of 103 pts in coming months."

©Photo: Financial Times

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