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14 Sept 2021

U.S inflation Data Report May Push Dollar

The Index Today

As investors looked towards the U.S inflation Data for major hints regarding Feds policy, the dollar remained unchanged against other currencies on Tuesday. The dollar stood at 92.596, declining from a two-week high of 92.887 on Monday.

The Federal Reserve’s policy review is scheduled for next week, taking place from September 21-22 which will help investors gain a through view of U.S consumer price data. According to economists, CPI may have risen to 0.3% in August after annual inflation has been leveraging from 4.2% to 4.3% in July.

It is expected that the overall consumer inflation may decline slightly to 5.3%.

Senior strategist at Daiwa Securities, Yukio Ishizuki said, “With the core CPI still seen above 4%, inflation is at a very abnormal level. Powell has been saying inflation will be transient since March but the Fed will probably have to adjust its wording in the next policy statement.”

According to Wall Street Journal, Fed officials will work towards making an agreement to start paring bond purchases in November. In such market conditions, the dollar will seek to benefit from funds which are escaping through risk assets.

Stock markets around the world showed signs of rebounding last week which supports risk sentiment. But analysts have warned against growing headwinds to the risk sentiment. Alan Ruskin, strategist at Deutsche Bank in New York says, “”Global risk appetite is edging towards a more tenuous and twitchy phase. A discordant G2 is increasing the problem.”

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