Dollar remains broadly under pressure during Asian session as markets await the highly anticipated US CPI data. Expectations of Fed rate cuts have been building again since non-farm payroll data indicated a loosening job market. However, for the Fed to consider monetary easing, it is crucial that inflation shows signs of following suit with clear decline. Fed Chair Jerome Powell, appearing unperturbed by the stronger-than-expected PPI readings released yesterday, described the data as "mixed" rather than "hot." Additionally, he reiterated that the next move in interest rates is unlikely to be a hike. Today's CPI data will be pivotal in shaping both market expectations and Fed's future policy direction.
Wall Street Targets To Open Broadly Up
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Federal Reserve should be patient before cutting rates, Schmid says
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