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US Dollar eases as investors await key inflation data
EUR/USD rebounds from recent lows near 1.1150 and targets the 1.1200 level as the Dollar cools.
Fresh downside pressure weighed on the US Dollar on Tuesday, pulling it back from Monday’s fresh highs, according to FXStreet. The US Dollar Index, DXY, gave up two straight daily gains and slipped to around the 102.20 area amid pre-US CPI caution.
FXStreet said the Dollar’s correction is tied to declining crude oil prices and mixed US Treasury yields as investors look ahead to a data-heavy Wednesday. The focus will be on the US Inflation Rate, with additional releases including MBA Mortgage Applications, the Fed Beige Book, and the weekly API report on US crude oil inventories, plus speeches from Fed officials Bowman and Barkin.
On the currency crosses, FXStreet reported EUR/USD bounced off recent lows near 1.1150 and moved to challenge the 1.1200 barrier. FXStreet also said GBP/USD climbed as high as the 1.3250 zone before slipping back, while the domestic calendar in Germany includes Wholesale Prices and the ECB’s Lagarde is due to speak.
Latest closeWTI crude $91.10 ▲3.2%|EUR/USD 1.122 ▼0.3%|GBP/USD 1.323 ▼0.3%