Fed Barkin comments support US dollar 💵

Richmond Federal Reserve Chairman Thomas Barkin commented today on the economy, risks and prospects for US monetary policy. Overall, the commentary indicates considerable uncertainty, and Barkin didn't rule out even a rate hike at a time when the market is pricing in as much as 150 bps of cuts by the end of 2024:

Risks to a soft landing include the lagged impact of high interest rates on credit, external shocks, anchoring services inflation at high levels and strong demand
There is potential for additional rate hikes. This remains an open question
A drop in long-term interest rates could stimulate demand for homes
A case for a soft landing can be seen in the data, but it is not a foregone conclusion
The central bank is making real progress on inflation while the economy remains healthy
Six-month core inflation for personal consumption expenditures is now slightly below the 2% target
Conviction about inflation and the economy will determine the future path of interest rates.in the US

USDIDX interval D1

A dollar index gains today, although the gains have more or less stopped at the 61.8 Fibonacci retracement level, at 102.2. In a pro-growth scenario, the key resistance is the SMA200, which runs more or less at 103 points, and the market may want to test it.

Source: xStation5

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