In view of analysts at ING, US dollar weakness is unlikely be extended today, when focus will be on the June inflation report.
Key Quotes
“Our economists expect headline inflation to slow down – mostly triggered by low gasoline prices – while core CPI should stabilise at 2%, in line with the market consensus.”
“In light of the dovish repricing overnight we may need to see a materially weaker reading to keep pushing the USD down further today.”
“Elsewhere, Powell’s second day of testimony should have very limited surprise potential. In turn, we expect DXY to stay close to the 97.00 area today.”
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