{"id":7079,"date":"2024-06-28T18:01:37","date_gmt":"2024-06-28T18:01:37","guid":{"rendered":"https:\/\/predictmag.com\/blog\/?p=7079"},"modified":"2024-06-28T18:01:37","modified_gmt":"2024-06-28T18:01:37","slug":"us-dollar-rally-fizzles-out-after-inflation-data","status":"publish","type":"post","link":"https:\/\/predictmag.com\/blog\/2024\/06\/28\/us-dollar-rally-fizzles-out-after-inflation-data\/","title":{"rendered":"US Dollar Rally Fizzles Out After Inflation Data"},"content":{"rendered":"

Despite a strong showing earlier in the week, the Dollar ultimately dipped, reversing some of its progress. This came on the heels of positive data regarding inflation. May’s Personal Consumption Expenditures (PCE) surprised markets by showing a slowdown in price increases. However, the Dollar found some solace in continued high US Treasury yields, which remain attractive to investors.<\/p>\n

The US Dollar<\/a> ended the week on a whimper, surrendering its earlier gains and settling around 105.80 on the DXY Index. This decline came after the release of Personal Consumption Expenditures (PCE) data, which hinted at a potential cooling of inflation. However, the Dollar’s slide was cushioned by the continued allure of high US Treasury yields. The American economy appears to be holding steady despite some inflationary flickers, leaving the Federal Reserve in a wait-and-see mode regarding interest rate cuts.<\/p>\n

\"\"<\/p>\n

Turn of Events: Dollar Drops on Inflation Dip<\/h2>\n

Friday’s release of May’s Personal Consumption Expenditures (PCE) data triggered a market shift. Headline inflation dipped to 2.6% year-over-year, down from 2.7% the previous month. This decline extended to core PCE, which excludes volatile food and energy prices, falling from 2.8% in April to 2.6% in May.<\/p>\n

However, the Dollar found some support in high US Treasury yields. Yields on 2-year, 5-year, and 10-year notes remained attractive at 4.71%, 4.32%, and 4.33%, respectively. This ongoing yield advantage helped limit the Dollar’s losses.<\/p>\n

The inflation slowdown also nudged the market’s expectations for future Federal Reserve action. The CME Fedwatch Tool shows the probability of a rate cut in September increased slightly, from 64% to 66%.<\/p>\n

While inflation data stole the spotlight this week, all eyes now turn to June’s labor market report, which will be the next key piece of information for the Fed to consider.<\/p>\n

Get free access to our lifetime VIP membership. Join us here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite a strong showing earlier in the week, the Dollar ultimately dipped, reversing some of its progress. This came on the heels of positive data regarding inflation. May’s Personal Consumption Expenditures (PCE) surprised markets by showing a slowdown in price increases. However, the Dollar found some solace in continued high US Treasury yields, which remain […]<\/p>\n","protected":false},"author":1,"featured_media":6551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[99,5,236,208,12,207,228,298,63,13,107,14],"tags":[19,344,305],"class_list":["post-7079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-active","category-announcement","category-article","category-currency","category-forex","category-funds","category-guide","category-investment","category-news","category-technical-analysis","category-today","category-trading","tag-us-dollar","tag-us-dollar-index","tag-usd"],"yoast_head":"\nUS Dollar Rally Fizzles Out After Inflation Data<\/title>\n<meta name=\"description\" content=\"The US Dollar ended the week on a whimper, 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