Dollar steady ahead of Fed minutes, sterling gains on CPI release
Investing.com - The U.S. dollar traded calmly Wednesday ahead of the release of the minutes from the last Federal Reserve meeting, while sterling gained as inflation fell by less than expected in April.
Last week’s soft-than-expected consumer inflation data raised hopes of rate cuts in a reasonably short time, but a series of Fed officials have continued to call for policy caution.said the central bank needs to exercise caution ahead of its first rate cut to lead to pent-up spending and send inflation"bouncing around."
“While this doesn’t significantly alter the BoE’s trajectory, it may prompt them to delay rate cuts for another month. Our base case remains a first rate cut in August,” said ING.“European Central Bank President Christine Lagarde sounded cautiously dovish in line with most comments from her Governing Council members in a speech yesterday,” said ING, adding that markets are pricing in 24bp of easing for next month.
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