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US Dollar off intraday high after monthly US New Home Sales sink over 11%
The post US Dollar off intraday high after monthly US New Home Sales sink over 11% appeared on BitcoinEthereumNews.com. The US Dollar trades firmly in the green against nearly all major peers. A light data calendar is ahead as markets digest hawkish Fed comments. The US Dollar index breaks through 106.00 and heads higher The US Dollar (USD) is outmatching other currencies on Wednesday for the second day in a row with some help from US Federal Reserve (Fed) officials, who seem to have turned more hawkish. Federal Reserve Governor Michelle Bowman lit the fire on the fuzz by saying that a rate hike is still an option while she sees too many potential risks that could still drive inflation higher. Her thesis became reality just a few hours later, after neighbouring country Canada released red-hot inflation numbers. On the economic front, a rather light calendar ahead of Thursday’s Gross Domestic Product (GDP) final estimate and Friday’s Personal Consumption Expenditures (PCE) Price Index release. Still, traders will need to watch out for the Bank Stress Test report, to be published at 20:30 GMT, in which the Fed analyzes how healthy US banks’ balance sheets are in case of financial market distress. Daily digest market movers: Housing data easing further The Japanese Yen is cracking under pressure from the Greenback, with USD/JPY poping above the magic 160.00 level and printing a multi-decade high. Markets got spooked by comments from Federal Reserve Governor Michelle Bowman on Tuesday, saying she is “willing to raise the target rate at a future meeting if inflation progress stalls or reverses”, while she “expects US inflation to remain elevated for some time, still seeing a number of upside inflation risks.” At 11:00 GMT, the weekly Mortgage Applications Index from the Mortgage Bankers Association (MBA) came in and went from 0.9% to 0.8%. New Home Sales data for May saw a decline of nearly 11.3%, from 698,000 units…
The post US Dollar off intraday high after monthly US New Home Sales sink over 11% appeared on BitcoinEthereumNews.com.
The US Dollar trades firmly in the green against nearly all major peers. A light data calendar is ahead as markets digest hawkish Fed comments. The US Dollar index breaks through 106.00 and heads higher The US Dollar (USD) is outmatching other currencies on Wednesday for the second day in a row with some help from US Federal Reserve (Fed) officials, who seem to have turned more hawkish. Federal Reserve Governor Michelle Bowman lit the fire on the fuzz by saying that a rate hike is still an option while she sees too many potential risks that could still drive inflation higher. Her thesis became reality just a few hours later, after neighbouring country Canada released red-hot inflation numbers. On the economic front, a rather light calendar ahead of Thursday’s Gross Domestic Product (GDP) final estimate and Friday’s Personal Consumption Expenditures (PCE) Price Index release. Still, traders will need to watch out for the Bank Stress Test report, to be published at 20:30 GMT, in which the Fed analyzes how healthy US banks’ balance sheets are in case of financial market distress. Daily digest market movers: Housing data easing further The Japanese Yen is cracking under pressure from the Greenback, with USD/JPY poping above the magic 160.00 level and printing a multi-decade high. Markets got spooked by comments from Federal Reserve Governor Michelle Bowman on Tuesday, saying she is “willing to raise the target rate at a future meeting if inflation progress stalls or reverses”, while she “expects US inflation to remain elevated for some time, still seeing a number of upside inflation risks.” At 11:00 GMT, the weekly Mortgage Applications Index from the Mortgage Bankers Association (MBA) came in and went from 0.9% to 0.8%. New Home Sales data for May saw a decline of nearly 11.3%, from 698,000 units…
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