{"id":173438,"date":"2024-03-21T02:35:28","date_gmt":"2024-03-20T23:35:28","guid":{"rendered":"https:\/\/kupitiblog.store\/576r\/dollar-steady-after-strong-cpi-gbp-treads-water-with-data-dump-in-focus\/"},"modified":"2024-03-21T02:35:28","modified_gmt":"2024-03-20T23:35:28","slug":"dollar-steady-after-strong-cpi-gbp-treads-water-with-data-dump-in-focus","status":"publish","type":"post","link":"https:\/\/kupitiblog.store\/576r\/dollar-steady-after-strong-cpi-gbp-treads-water-with-data-dump-in-focus\/","title":{"rendered":"Dollar steady after strong CPI; GBP treads water with data dump in focus"},"content":{"rendered":"

<\/span> <\/i>   <\/p>\n

Investing.com— The U.S. dollar steadied on Wednesday, retaining a bulk of its overnight gains after strong consumer inflation data furthered bets on higher-for-longer rates, while the British pound tread water before key GDP data.<\/p>\n

Strength in the dollar kept most other G7 currencies trading largely rangebound, with the euro<\/span>, Australian dollar<\/span> and Canadian dollar<\/span> moving less than 0.1% in either direction.<\/p>\n

But the Japanese yen<\/span> saw some strength amid continued focus on a policy shift by the Bank of Japan.<\/p>\n

GBP rangebound with data barrage in focus<\/h2>\n

The British pound<\/span> steadied on Wednesday at about 1.2792 against the dollar, in anticipation of several key economic readings.<\/p>\n

Gross domestic product<\/span> data, industrial production<\/span> and trade data<\/span> for January are all due later in the session, and are expected to offer more cues on the British economy, as it grapples with sluggish growth.<\/p>\n

The GDP data in particular will be in close focus, after the economy shrank slightly less than expected in December. Analysts expect a month-on-month expansion on 0.2% in January.<\/p>\n

In the Euro zone, wholesale price index<\/span> inflation from Germany is on tap. The euro moved little, but remained within sight of two-month highs.<\/p>\n

Dollar steady as CPI beats expectations, more econ. cues on tap\u00a0<\/h2>\n

The dollar index<\/span> and dollar index futures<\/span> fell slightly, but retained a bulk of their overnight gains after a stronger-than-expected reading on consumer price index<\/span> inflation.<\/p>\n

The reading showed that inflation remained stickier than expected, feeding into concerns that the Federal Reserve will have little impetus to begin trimming interest rates.<\/p>\n

Still, markets maintained their bets that the Fed will have enough cause to begin cutting rates by June, with a 25 basis point reduction still on the cards, according to the CME Fedwatch tool<\/span>.<\/p>\n

But the hotter CPI reading potentially sets the stage for a stronger reading on producer price index<\/span> inflation due later this week. U.S. retail sales<\/span> data for February is also due on Thursday.<\/p>\n

Japanese yen firms amid BOJ rate hike watch<\/h2>\n

The Japanese yen<\/span> rose 0.3% on Wednesday, as signs of incoming wage hikes in Japan drummed up expectations for an imminent interest rate hike from the Bank of Japan.\u00a0<\/p>\n

Media reports showed Toyota <\/span><\/span> Motor Corp (NYSE:TM<\/span>) (TYO:7203<\/span>), one of Japan\u2019s biggest employers, had agreed to steep wage hikes with a labor union. Other employers also appeared to have followed suit.<\/p>\n

Increased wages, coupled with recent, sticky inflation indicators, give the BOJ more impetus to end its negative interest rates and yield curve control policy.\u00a0<\/p>\n

Reuters reported that the BOJ was gearing up to signal how it will conduct bond purchases after ending its ultra-dovish policies.\u00a0<\/p>\n

The BOJ is set to meet next week<\/span>, and is pipped to either raise interest rates then or during a late-April meeting. Higher rates bode well for the yen, which was battered by rising U.S. rates over the past two years.<\/p>\n

\u00a0<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  Investing.com— The U.S. dollar steadied on Wednesday, retaining a bulk of its overnight gains after strong consumer inflation data furthered bets on higher-for-longer rates, while the British pound tread water before key GDP data. 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