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The greenback is poised for optimistic week following inflation figures

15 Mar,2024
The greenback is poised for optimistic week following inflation figures

The greenback ticked down on Friday, but lingered poised for optimistic week, following U.S. inflation figures that surpassed projections, concerns about hawkish hints from the Fed spiked for the upcoming week.

The dollar index that gauges the greenback versus its major pairs dipped 0.1% at 102.950, on course for 0.3% advance for the week, marking the first weekly gain in four weeks.

The US PPI climbed by 0.6% for February, the inflation rate doubled the anticipation of 0.3%, providing additional evidence that inflation continues to be a concern for the Federal Reserve. This follows Tuesday's data indicating a robust increase in consumer prices for the second consecutive month in February.

Central bank’s s scheduled to meet the upcoming weekly and is largerly projected to maintain interest rate. 

EUR/USD ticked up 0.2% to 1.0898, following a higher-than-anticipated increase in French consumer prices in February, which rose by 3.0% on an annual basis, there was a month-on-month uptick of 0.8%.

GBP/USD ticked up by 0.1% at 1.2753, the pound is moving close to the lowest level for the week, before BOE’s policy meeting.

USD/JPY edged up by 0.3% to 148.72, with the yen poised to dip over 1% this week amid anticipation of BOJ meeting.

 

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