The US Dollar (USD) trades broadly unchanged on Wednesday as the Greenback faces one of its most crucial moments of 2024 so far.
The US Dollar trades flat at 104.00, with stakes being high for the Greenback ahead of the release of the March inflation data. Traders see this US CPI print for March as key to gauge the chances of a Fed policy pivot this year. The US Dollar Index orbits around 104.00 and could move substantially in either direction. The US Dollar trades broadly unchanged on Wednesday as the Greenback faces one of its most crucial moments of 2024 so far.
Although the trading range looks to be around 5% from the beginning of this year, it has been even limited to only 3% most of the time. Volatility is nowhere and short-lived, if any, so this US CPI print on Wednesday is crucial as it could be the last possible data point confirming if the Fed is good to start reducing borrowing costs in June, or might not cut rates until after summer or not at all for 2024. The first pivotal level for the DXY comes in at 104.
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