US Open Note – Dollar steadies as it awaits US CPI data



Fed speakers today and US CPI tomorrow in focus

This week, Fed speakers will be out in full force to disseminate the latest views of the central bank. Each one of these officials has a chance to share their thoughts on current policy. Barkin did this last week and put 75 bp back on the table, stressing that he wants to raise rates "as quickly as possible." Others at the Fed are also likely to adopt a more hawkish outlook in the coming days.

But the main thing to watch for this week is the April CPI report, which will be released on Wednesday. Predictions show that inflation in the U.S. may be reaching its peak.

A CPI number that is lower than expected could give Wall Street a boost, especially if it causes Treasury yields to fall even more.

FX market; dollar eases

The dollar index is falling near its opening level, while dollar/yen remains below its 20-year high of 131.24. The euro is stalled near $1.0550, but the next target is coming from $1.0340 in January 2017.

Sterling is holding steady on Tuesday after plunging to its lowest level in nearly two years on signals that the Bank of England will be forced to slow its interest-rate-hiking cycle as a result of the weaker economy.

Today, Turkey's currency continues to fall against the dollar, raising questions about the central bank's ability to maintain a stable currency in the face of the country's ongoing economic crisis.

European and US stocks

European stock indexes rose on Tuesday, with investors showing signs of recovery following Monday's steep losses, but analysts warned that concerns about reduced growth were still weighing on markets.

It was a rough night for Asian stocks, which fell to their lowest level in over two years. With monetary tightening by major central banks and slower economic growth, stock markets have fallen so far this month.

Investors braced for further tightening after interest rates were lifted by the US, UK, and Australian central banks last week. Equities are posting a small comeback on Tuesday, which US stock futures indicated would continue through the opening of Wall Street.

Commodity currencies back to gains

The Canadian dollar and the Australian dollar recovered some ground on Tuesday after hitting their lowest levels in nearly two years against the US dollar, tracking a rebound in European stock markets after a sharp selloff.

Commodity currencies fell overnight to multiple-year lows and oil prices are currently declining by 0.9%, hurt by fears of recession and an economic slowdown in China, the top oil importer, before trimming some of those declines.

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