Today, investors will lock their gaze on the US CPIs and the Fed Meeting minutes in order to assess whether the Committee is likely to revise up 2018 “dots” in June. Yesterday, the euro spiked up following comments from ECB Governing Council Ewald Nowotny.
US CPIs and Fed Minutes Steal the Spotlight
The dollar continued trading lower against most of the other G10 currencies on Tuesday. It gained only against NOK, which tumbled following Norway’s lower-than-expected CPI prints. The greenback lost the most against CAD and SEK, while it ended the day virtually unchanged versus JPY and CHF.
With fears over global trade easing somewhat this week, focus for USD-traders could turn back to economics and monetary policy. Today, they are likely to lock their gaze on the US CPIs for March and the minutes from the latest FOMC gathering. Getting the ball rolling with the CPIs, the headline rate is expected to have risen to +2.4% yoy from +2.2% in February, while core inflation is forecast to have accelerated to +2.1% yoy from +1.8%.
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