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EURUSD Buy Limit 1.2065
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FxPremiere.com – The dollar pushed higher in early European trading Wednesday, following a surge in U.S. bond yields on the prospects of a prompt economic recovery and a possible acceleration in inflation.
At 3:55 AM ET (0755 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.3% at 90.757, bouncing from the three-week low of 90.117 hit on Tuesday.
The gap between ten-year and two-year U.S. yields also widened to the largest level in nearly three years, suggesting investors don’t expect the Federal Reserve to lift interest rates in the short-term. But for how long will they be prepared to stay accommodative if inflation climbs above the 2% level?
“U.S. CPI inflation also disappointed a touch in January, which may have soothed some inflation fears. This will however all change in a couple of months’ time,” said analysts at Nordea, in a research note. “Indeed, we expect the current inflation breeze to strengthen into gale force winds by the second quarter, at least in terms of the market’s narrative.”
Elsewhere, GBP/USD fell 0.2% to 1.3878, weighed by the support for the dollar, even as U.K. inflation accelerated in January, with consumer prices increasing 0.7% from a year earlier, slightly up from 0.6% in December, the Office for National Statistics said Wednesday.
It leaves inflation well below the 2% level targeted by the Bank of England, which has cut interest rates and expanded its bond-buying program in response to the economic damage caused by pandemic.
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