US Dollar Index: DXY licks its wounds near 100.00 amid Fed blackout, mixed sentiment – by anilpanchal7 DollarIndex RiskAversion Fed China Inflation
2022 amid Monday’s sluggish Asian session. In doing so, the US Dollar’s gauge versus the six major currencies takes a breather after posting the biggest weekly loss since November 2022.
On Friday, the preliminary reading of the University of Michigan's Consumer Confidence Index rose to 72.6 from 64.4 in June, versus the market’s expectations of 65.5. Further details suggested that the one-year and 5-year consumer inflation expectations per the UoM survey edged higher to 3.4% and 3.1% in that order versus 3.3% and 3% respective priors. Before that, the US Consumer and Producer Price Index for June dropped to 3.0% and 0.1% on a yearly basis from 4.0% and 0.
It should be noted that the fears of witnessing China’s downbeat economic recovery, per the initial forecasts of the top-tier China data, also weigh on the sentiment and put a floor under the DXY price.
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