On Wednesday morning in Asia, dollar index futures remained cautiously below the 104 mark as market participants eagerly awaited pivotal US inflation data, poised to offer significant insights into the Federal Reserve’s interest rate stance. Despite the release of robust jobs data last week, the dollar index has exhibited a notably indecisive trend throughout the week.
Federal Reserve officials have emphasized the necessity for clearer indications of a sustained decline in inflation, effectively ruling out the likelihood of an imminent rate cut. Market anticipation is also directed towards the release of the Federal Open Market Committee (FOMC) minutes from March’s meeting, scheduled for Wednesday.
Presently, DXY futures are trading at 103.92. Within the basket of currencies, EURUSD and GBPUSD futures are quoted at $1.0882 and $1.2683, respectively.
