US Dollar extends rally to fresh multi-month highs ahead of debt-limit vote – by eren_fxstreet DollarIndex SEO Macroeconomics Politics Technical Analysis
US Dollar Index reached its highest level in over two months above 104.50 on Wednesday.The US Dollar has started to gather strength against its major rivals mid-week amid a negative shift witnessed in risk perception following Tuesday's uninspiring performance., which tracks the USD's valuation against a basket of six major currencies, turned north early Wednesday and reached its highest level since mid-March above 104.50.
In an interview with the Financial Times, Cleveland Federal Reserve Bank President Loretta Mester said that she doesn't necessarily see a compelling reason for pausing rate increases amid a "really embedded, stubborn inflationary pressure.” Previewing the ADP data, "not only have ADP's figures jumped from miss to beat and the other way around, but these differences have also been significant, especially in recent months," said FXStreet Analyst Yohay Elam. "After leaping to the highest level since July 2022 in the latest April publication, the upcoming May report could be weak."
On Sunday, US President Joe Biden and Republican House Speaker Kevin McCarthy reached an agreement to temporarily suspend the debt-limit to avoid a US debt default. The House of Representatives and Senate still need to approve the deal, which will suspend the $31.4 trillion debt-ceiling until January 1, 2025, in coming days.
Further details of the BEA's publication showed that Personal Income increased 0.4% on a monthly basis while Personal Spending rose 0.8%.The US Dollar Index managed to close above the key technical level of 104.00 on Tuesday, reflecting buyers' willingness to defend that support. In case the DXY starts using 104.50 as support, it could target 105.00 and 105.60 next.
The Fed also uses quantitative tightening or quantitative easing to adjust the size of its balance sheet and steer the economy in the desired direction. QE refers to the
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