- July 16, 2021
- Posted by: Stratford Team
- Category: Economy
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- DXY adds to recent gains and approaches recent highs.
- Powell hinted at the idea that high inflation could last longer.
- Retail Sales, advanced July U-Mich Index, TIC Flows next on tap.
The greenback, when tracked by the US Dollar Index (DXY), extends the optimism in the second half of the week and approaches monthly tops around 92.80.
US Dollar Index looks to data
The index advances for the second session in a row and trades closer to monthly peaks located in the 92.80/85 band, always on the back of the resumption of the demand for the buck, higher US yields and after market participants seem to have already digested both testimonies by Chairman Powell.
Indeed, Chief Powell reiterated his message at the Senate on Thursday. He, however, suggested that high inflation might persist more than initially anticipated, which should prompt some re-assessment by the Federal Reserve.
Also supporting the sentiment surrounding the dollar,…
