US Dollar continues to gather strength ahead of Fed policy meeting – by eren_fxstreet DollarIndex Currencies Macroeconomics Fed CentralBanks
seen in the benchmark 10-year US Treasury bond yield. The DXY continues to push higher on Tuesday and trades at its strongest level since April 11 above 102.00.
The ISM's survey further revealed that the Price Paid sub-index, the input inflation component, climbed to 53.2 from 49.2, playing into the hawkish Fed narrative. US regulators seized First Republic Bank and agreed to sell a majority of its assets to JPMorgan Chase & Co. Last week, the bank reported that there were more than $100 billion of deposit outflows in the first quarter.
The European Central Bank noted in its Bank Lending Survey that a net 38% of Eurozone banks reported a fall in demand for credit from companies in the first quarter of the year. 102.00 aligns as first support. If DXY fails to hold above that level, 101.50 and 101.00 could be seen as next bearish targets.The US Federal Reserve has two mandates: maximum employment and price stability. The Fed uses interestas the primary tool to reach its goals but has to find the right balance. If the Fed is concerned about inflation, it tightens its policy by raising the interest rate to increase the cost of borrowing and encourage saving.
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