AUDUSD: Dollar steady, CPI data awaited
The dollar index and dollar index futures steadied above the 102 level on Monday, after recording sharp declines last week.
The greenback was beset by comments from Fed Chairman Jerome Powell that the central bank was close to having enough evidence of easing inflation. Powell also made clear that he does not expect inflation to reach 2% to begin considering interest rate cuts.
Adding to this pressure, data on Friday showed nonfarm payrolls rose more than expected in February. But January's figures were revised significantly lower, while other figures showed unemployment rising, suggesting the labor market has cooled somewhat.
Powell's comments kept markets more focused on Tuesday's CPI data, especially as several other Fed officials also signaled that any rate cuts by the Fed would depend largely on the path of inflationary
The greenback was beset by comments from Fed Chairman Jerome Powell that the central bank was close to having enough evidence of easing inflation. Powell also made clear that he does not expect inflation to reach 2% to begin considering interest rate cuts.
Adding to this pressure, data on Friday showed nonfarm payrolls rose more than expected in February. But January's figures were revised significantly lower, while other figures showed unemployment rising, suggesting the labor market has cooled somewhat.
Powell's comments kept markets more focused on Tuesday's CPI data, especially as several other Fed officials also signaled that any rate cuts by the Fed would depend largely on the path of inflationary
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